FEDERAL RESERVE BULLETIN

(FINAL EDITION)

ISSUED BY THE FEDERAL RESERVE BOARD AT WASfflNGTON

AUGUST, 1923

WASHINGTON GOVERNMENT PRINTING OFFICE 1923

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD.

Ex officio members: D. R. CEISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman, ADOLPH C. MILLER. CHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWASD H. CUNNINGHAM.

W. W. HOXTON, Secretary. WALTEU WYATT, General Counsel. W. L. EDDY, Assistant Secretary. WALTER W. STEWART, W. M. IMLAY, Fiscal Agent. Director, Division of Research and Statistics. J. F. HERSON, M. JACOBBON, Statistician. Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician. Reserve Examiner. j E. L. SMEAD, Chief, Division of Bank Operations.

FEDERAL ADVISORY COUNCIL. (For the year 1923.) District No. 1 (BOSTON) ALFRED L. AIKEN. District No. 2 (NEW YORK) PAUL M. WARBURG, Vice President District No. 3 (PHILADELPHIA) L. L. RUE, President. District No. 4 (CLEVELAND) C. E. SULLIVAN. District No. 5 (RICHMOND) JOHN M. MILLER, Jr, District No. 6 (ATLANTA) EDWARD W. LANE. District No. 7 (CHICAGO) I... JOHN J. MITCHELL. District No. 8 (ST. LOUIS) FESTUS J. WADB. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS ,'rr-Y) E. F. SWINNBY. DistrictNo. 11 (DALLAS) R. L. BALL. District No. 12 (SAN FRANCISCO) D. W. TWOHY. II

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANES.

Federal Reserve Bank of— Chairman* Governor. Deputy governor. Cashier.

Frederic H. Curtlss W. P. G. Harding C. C. Bullen W. Wttlett. W. W. Paddock New York Pierre Jay BenJ. Strong J. H.Case L. n. Hendrlcks. > L. F. Sailer J. D. Htgglns. • G. L. Harrison A. W. GUbart. E. R. Kernel J. W.Jones, i G. E.Chapin.' Philadelphia R.L.Austin George W. Norrls Wm. H. Hutt W. A. Dyer. Cleveland D. C. Wills E. R. Fancher M. J. Fleming. J. C. Nevin. Richmond Caldwell Hardy George J. Seay C. A. Peple Geo. H. Keesee. A. S. Johnstone • John S. Walden« Atlanta Joseph A. McCord M. B. Wellborn L. C. Adelson M. W. BeU. J. L.Campbell Chicago Wm.A. Heath J. B. McDougal C. R. McKay W. C. Bachman. John H.Blalr K.C.Chllds.> J. H. Dillard.' D. A. Jones. • O. J. Netterstrom.» Clark Washburne. > St. Louis Wm. McC. Martin D.C. Biggs 0. M. Attebery J. W. White. Minneapolis John H. Rich R. A. Young W.B. Geery Gray Warren. •a V Moorft Harry Yaeger' Frank C. Dunlop l Kansas City M.L. McClure W. J. Bailey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley B. A. McKinney R. G. Emerson R. R. Gilbert. San Francisco John Perrln J.U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk.3 L.C. Fontlous'

•Controller. • Assistant to governor. »Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS.

Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager.

New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Geo. DeCamp. J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch R. B. Coleman. Jacksonville branch-.... Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey.

SUBSCRIPTION PRICE OF BULLETIN. The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915,1916,1917, or 1918 are available.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS.

General summary: p»Re. Review of the month 871 Business conditions in the United States 878 Special article: Agricultural credits under the Federal reserve act 910 Official: Rulings of the Federal Reserve Board— Rediscounts for nonmember banks 891 Right of a national bank to make construction bond and mortgage loans 891 Regulations of the Federal Reserve Board, 1923 892 State banks admitted to system 934 Fiduciary powers granted to national banks 934 Charters issued to national banks 913 Business and financial conditions abroad: Price movement and credit conditions abroad 914 Trend of business abroad—Statistical summary 915 Banking failures in Norway, Denmark, and Czechoslovakia 916 Price movement and volume of trade: International wholesale price index 921 Comparative wholesale prices in principal countries 923 Comparative retail prices and cost of living in principal countries $26 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 927 Foreign trade of principal countries 930 Foreign trade index 933 Ocean freight rates 933 Physical volume of trade 935 Building statistics 950 Wholesale and retail trade 951 Commercial failures 890 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 954 Condition of Federal reserve banks 958 Federal reserve note account 961 Condition of member banks in leading cities 962 Savings deposits 934 Bank debits 965 Operations of the Federal reserve clearing system 969 Gold settlement fund 972 Gold and silver imports and exports 971 Deposits of all member banks 970 Money in circulation 970 Discount rates approved by the Federal Reserve Board 972 Discount and interest rates in various centers 973 Earnings and expenses of Federal reserve banks 974 Foreign exchange rates 976 Foreign— England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan 977 Charts: Assets and liabilities of member banks in leading cities 875 Assets and liabilities of Federal reserve banks 876 Index of production in basic industries and wholesale prices in the United States 878 Bank credit 879 Production of anthracite and bituminous coal 883 Production of shoes in the United States 886 Value of building contracts awarded 887 International wholesale price index—Federal Reserve Board 921 Volume of domestic business 936 Sales of wholesale groceries 951 Sales of 5-and-10-cent chain stores 952 IV

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VOL. 9 AUGUST, 1923. No. 8

REVIEW OF THE MONTH. expected reduction of about 40,000,000 bushels. During the months of July and August the A slight reduction in the corn crop and a large general harvesting of crops begins, Govern- increase in the cotton crop are also forecast. ment forecasts of the volume of While farm prices on July 1 can sot be taken . Vcu ura crop production become avail- as indicative of the prices the farmer' will re- able, and plans are made for ceive for this year's crops, they constitute a marketing and financing the crops. Harvest- basis for comparison of current conditions with ing of winter wheat is already under way, its those prevailing a year ago. Corn and cotton movement to the world markets will soon prices are much higher than at this time last begin, and during the next few months as year, while the price of wheat is lower. The other crops are harvested the banks will be aggregate value of this year's wheat crop at engaged in providing the credit incident to an July 1 farm prices would be in round numbers orderly marketing movement. The use of 1800,000,000, compared with $900,000,000 for credit ordinarily reaches a seasonal peak at last year's crop at prices prevailing in July, crop-moving time when the credit machinery 1922. The aggregate value of the cotton crop is carrying the load of both domestic marketing on the same basis, on the other hand, was and export financing. The present strength $1,500,000,000 this year, compared with and liquidity of the banks and the added facil- $1,000,000,000 last year, an increase of 50 per ities for agricultural financing assure a supply cent over last year. of credit adequate to meet this year's seasonal The agricultural outlook is conditioned by requirements. the world supply of leading farm products and the buying power of con- In view of their bearing upon prospective Domestic de- sumers, both domestic and for- returns to the farmer and therefore upon the mand. eign, during the coming year. general business situation, especial interest at- Competition fixes substantially the same price taches to the recent forecasts of crop produc- in all countries for those agricultural staples tion and prevailing farm prices, shown in the which are sold in world markets, and this table. These afford the best basis now avail- continues to be true even under the existing able for making an estimate of the present disorganized currency conditions. The re- agricultural outlook compared with that of a turn to the American farmer is, therefore, the year ago. outcome of world supply and world demand, of Price at the which the domestic production and demand Production. larm. constitute only a part. While foreign demand Unit. 1922, final 1923, July July 1, July 1, is more important in the marketing of some estimate. forecast. 1922. 1923. agricultural products than of others, in the

Corn Bushel. 2,890,712,000 2,877,437,000 $0.622 SO. 865 aggregate the domestic market consumes much Wheat, total. ...do.... 862,091,000 820,628,000 1.026 .951 Winter.. ..do.... 586,204,000 585,889,000 the larger proportion of our agricultural Spring... .do. 275,887,000 234,739,000 products. The domestic demand for farm Cotton Bale.... 9,762,000 11,412,000 ».2O4 1.262 products during the past year has increased i Price per pound. as a result of the larger buying power of indus- The July 1 forecast of winter wheat indicates trial workers arising from fuller employment a crop of about the same size as last year, and wage advances. During the first five while the spring wheat forecast, which at this months of 1923 the sale of groceries at whole- time of the year is much less definite, shows an sale exceeded that of the same period of the 871

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previous year by 14 per cent and the sale, of exporting countries besides the United States. meat by 20 per cent, the domestic consump- From present estimates it appears probable tion of pork being unusually large. These that a larger proportion of European con- large food purchases, howeysr, were made at sumption requirements than in recent years relatively low prices, though these were not will be met by European crops and that con- due to any limitation in the buying power sequently European imports of food products of domestic consumers, but to the conditions this year are likely to be smaller. Agricultural of the world supply and the limited buying production in leading food exporting countries, power of foreign consumers. In fact, it is largely stimulated by conditions prevailing hardly likely that the total food consumption during the war, is still considerably above the in the United States would have been much pre-war level, and the exported product of the reduced even if prices had been higher. With American farmer has to meet in the European the present relatively large earnings of workers market the competition of this enlarged world the effect of a rise in food prices on the family production. The ability of Europe to pay budget would have been to increase the ex- for imports is still much less than before the penditure for food rather than to reduce con- war, though there has been some increase in sumption. For the ultimate consumer in its buying power during the past year arising the United States the chief result of relatively out of industrial revival. A large share of the low food prices, therefore, has been to in- reduced buying power of these foreign coun- crease the margin available for the purchase tries during 1923 has been used in the pur- of other commodities and for savings. For chase of food; the imports of food into Great the farmer this has meant that the selling price Britain, for example, during the first five of his products has been out of line with the months of this year were 50 per cent greater prices of the things he buys. In this respect than during the same period of last year and there has been a better adjustment during constituted a larger per cent of her total im- the past year, taken as a whole, though latterly ports. On the Continent, particularly in those agricultural prices have shared in the decline countries where ability to make foreign pur- in the general level of wholesale prices, the fall chases has been limited by their depreciated in the prices of wheat and hogs attracting currencies, there has been a shift from the more particular attention. Price movements in the expensive imported foods, such as wheat, to sensitive, highly organized produce markets the cheaper domestic foods, particularly pota- at this season of the year are apt to reflect the toes and rye. Food exports from the United attitude of the speculative dealer and are not States, which were greatly enlarged during the invariably indicative of the prices that will be war and the years immediately following, have realized by the American farmer during his during the past year continued well above the crop-marketing period. With reference to pre-war level. Cotton exports, on the other the present situation this is particularly true hand, have been much lower. The quantity in view of the many uncertain factors which of European purchases in the American market must be taken into account in estimating at in view of Europe's limited buying power de- this time the market outlook for agricultural pends both on the prices prevailing in this products. country and on the level of exchange rates, In the sale of his products the American with the result that Europe has bought larger farmer is confronted with world conditions, quantities of such commodities as pork and and the price which these lard and of the cheaper grains. r Changes in the volume and character of *" P °ducts will bring in the international markets depends European purchases of American farm prod- chiefly upon the extent of European demand ucts have been accompanied by an important and the supply available from other food change in the seasonal distribution of these

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purchases and in the size of the stocks carried tion, and the marketing of wheat, which is in Europe. In recent years European buyers produced in all parts of the world and mar- of American cotton and wheat have distrib- keted throughout the year. uted their purchases more evenly throughout The function of credit in the marketing of the year. Under the practice that prevailed farm products is to finance the flow of products before the war the bulk of cotton exports took from the producer to the consumer in an or- place during the five months following the har- derly manner over the entire period of con- vesting season.1 Since the war, however, ex- sumption. Products not immediately con- ports have been more closely related to the sumed are necessarily carried and financed at immediate consumption requirements, and some point in the distributing process, and stocks carried in Europe are relatively smaller. consequently require the use of storage and A similar change in practice has affected the credit facilities. Credit can not create a mar- seasonal distribution of wheat exports. Stocks ket where none exists, but it can assist in ad- now carried in Europe are materially below justing the movement of products into the mar- the amounts carried in the years preceding the ket at any given moment to the actual state of war. The change in practice began during the the demand, and thereby insure to the producer war, when supplies were short, and this hand- in so far as conditions will at all permit of it a to-mouth policy has continued to the present more settled price situation than he would face time. Moreover, the holder of stocks in Eu- if his products were dumped upon the market rope is exposed to unusual hazards arising from as soon as harvested. It is worth noting that wide fluctuations in prices and exchange rates. this is also the chief end aimed at by producers Also the cost of storage and handling at the in organizing themselves into cooperative mar- docks has increased, and this has tended to keting associations. But these associations reduce stocks carried in warehouses and to also work within the limits of consumptive de- increase the direct movement from the ship to mand, and their chief service to their members the mill. The reduction of these European is to provide more adequate financing and bet- stocks has increased the amounts of agricul- ter marketing arrangements. tural staples that had to be carried in the In a letter to the Federal reserve agents the United States and lengthened the period for Federal Reserve Board recently called atten- marketing the exportable surplus. This change tion to the added facilities for agricultural of practice has affected particularly the size financing made possible through legislation of the American carry over of wheat and must enacted during the last Congress and through be recognized both by farmers and bankers as the board's regulations putting into effect the a factor in the marketing and financing of the amendments to the Federal reserve act. Facil- American crop. ities available to farmers for securing credit to Since the harvesting of the American crops carry their crops in the process of orderly mar- takes place during the summer and autumn keting were considerably enlarged by the agri- months, while their consump- cultural credits act of 1923. This act, in addi- Orderly mar- ,. -,. , ., , j ... tion is distributed over an tion to creating new machinery for granting entire year, the marketing must longer term credits to farmers, contained a be adjusted to the flow of products from other number of amendments to the Federal reserve exporting areas and to the requirements of act. With the view to increasing the services the consumer. In this respect there is a dis- that the reserve banks can render farmers in tinction between the marketing of such crops financing their current short-term operations, as cotton and tobacco, in which world supply the act extended the maximum maturity of is primarily dependent upon American produc- agricultural paper eligible for discount with the reserve banks from six to nine months. It i See article on cotton financing, FEDERAL EESEKVE BULLETIN, May, 1923, p. 566. also extended the maturity of bankers' accept-

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ances eligible for discount or purchase by the of business activity, due partly to seasonal Federal reserve bank from three to six months, influences, but the demand for commercial and provided these acceptances are drawn for agri- industrial credit has remained fairly stationary cultural purposes and are secured by ware- at a level near the peak reached in May. Both house receipts for agricultural products. Other in investments and in loans secured by stocks changes affecting the length of the period for and bonds, on the other hand, the maximum which agricultural paper is eligible for discount figures were reached toward the end of 1922 were provisions that certain classes of paper of and a fairly stable level has been maintained cooperative marketing associations were to be since then. The chart shows that in the third construed as agricultural paper rather than as quarter of 1921 member banks began to invest commercial paper, thereby making them eligi- to an increasing extent in Government securi- ble for discount for nine months instead of 90 ties and in other stocks and bonds the funds days, and that certain agricultural drafts with- made available through the liquidation of out definite maturity (sight and demand drafts) loans. It also shows that the earlier recovery might be discounted by the reserve banks. of business in the financial centers was re- The act also admitted to discount paper of co- flected in an earlier increase in loans secured operative marketing associations, the proceeds by stocks and bonds than in commercial loans. of which are to be lent to members to finance For total loans and investments, which measure their agricultural operations, and factors' paper the volume of member bank credit in use, the issued for the purpose of making advances to chart shows liquidation through 1921 and the producers of staple agricultural products. A first quarter of 1922, followed by an increase nontechnical summary of the facilities for agri- in the use of credit of about $2,000,000,000 cultural credit provided by the Federal reserve during the year ending in March, 1923, and a act as amended is published elsewhere in the fairly constant level since that time. BULLETIN. The following table compares the composi- In surveying the agricultural situation, it is tion of total loans and investments of reporting still too early to estimate even with approxi- member banks in the middle of 1921, the middle mate accuracy the proceeds to the farmer from of 1922, and the middle of 1923. The principal the approaching harvest. Neither the volume change during the past year is the increasing of production nor the prices through the period proportion of total loans and investments in of marketing can now be definitely known. It commercial loans, and the decreasing propor- is evident, however, that with the improved tion in investments and in loans upon collateral. credit facilities and the strong position of the MBMBEH BANKS IN LEADING CITIES. banks the credit available is adequate to pro- In percentage of total vide for the needs of orderly marketing. In millions of dollars. loans and invest- ments.

THE BANKING SITUATION. July July July July July July 13, 12, 11, 13, 12, 11, The volume of bank credit used for com- 1921. 1922. 1923. 1921. 1922. 1923.

mercial and industrial purposes, which has Loans and investments, reflected the increasing volume of business total 15,049 15,211 16,497 100.0 100.0 100.0 activity since midsummer of 1922, reached its Loans, total 11,736 10,839 11,853 78.0 71.3 71.8 Secured by United peak in the middle of May of this year and States obliga- tions 638 271 242 4.2 1.8 1.5 has remained substantially at the same level Secured by stocks since that time. Between July 12, 1922, and and bonds 2,986 3,537 3,818 19.9 23.3 23.1 Other loans 8,112 7,031 7,793 53.9 46.2 47.2 May 16, 1923, commercial loans of member Investments, total 3,313 4,372 4,644 22.0 28.7 28.2 banks in leading cities increased by over United States se- $800,000,000, or 11 per cent. During the past curities 1,268 2,081 2,493 8.4 13.7 15.1 Other securities... 2,045 2,291 2,151 13.6 15.0 13.1 two months there has been some slackening

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When the present condition is compared ing volume of current business, the volume of with that in 1921, which showed an even higher deposits became fairly stable. percentage of commercial loans, the important Deposits of member banks in leading cities, difference is that the large volume of frozen the trend of which is shown on the chart, are loans carried by the banks two years ago has not always representative of the general trend been generally liquidated and that the loans of deposits throughout the country, both be- to commerce and industry on the books of cause the city banks carry a large volume of the banks at the present time have been deposits for country correspondents, who granted to a greater extent for the purpose of withdraw their funds when they are needed financing current operations. locally, and because the city banks chiefly The movement of deposits, as shown on the reflect the movement of credit in industrial centers, which does not always coincide with chart, has followed quite closely the trend gen- the movement in agricultural districts. As erally observed during periods of business de- a matter of fact, on July 11 the total amount pression, followed by a revival of activity. due to other banks by banks in New York City, When the demand for funds was relatively where the large part of these bank deposits low, as in the middle of 1921, deposits ac- are carried, was not far from the maximum; cumulated in the banks against the time of in May and June funds had been withdrawn business recovery. When this revival had been by the interior, but toward the end of June and under way for some time, as was the case early in the early part of July the movement of funds in 1923, these accumulated balances were with- was to New York. Weekly figures of amounts drawn and deposits at first declined, but as the due to and due from banks are shown every withdrawals were offset by the creation of new month in the BULLETIN for the reporting deposits arising from loans to finance the grow- banks in the 12 Federal reserve bank cities.

MEMBER BANKS IN LEADING CITIES

BILLIONS OF DOLLARS BILLIONS OF DOLLARS 9 18

"OTHER" LOANS

16

INVESTMENTS \ 15

13 L ANS SEC. BY STOCKS & BONO:

l.TOTAL LOANS

1921 1922 1923 1921 1922 1923

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FEDERAL RESERVE BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS

CASH RESERVES 3200 3200

2800 2800 \y

2400 2400 • F. R. NOTES /•*•'

2000 2000

1600 1600 RESERVE RATIO

1200 1200

800 800

400

1921 1922 1923 1921 1922 1923 Figures of net demand deposits for all member accompanied by a corresponding reduction of banks on June 27 indicate that the stability open-market holdings, so that the total volume of deposits shown by banks in leading cities of reserve bank credit in use, as measured by is fairly representative of conditions in the the earning assets of these banks, is at approx- country as a whole. This check on deposit imately the same level as a year ago. trends in city banks has been made possible The following table shows the composition of by the compilation by each of the 12 reserve the earning assets of the reserve banks at mid- banks of figures of net demand and time de- summer of the last three years. It will be posits for one day toward the end of each noted that in 1921 discounts constituted 86 per month. These figures by Federal reserve dis- cent of the total; in 1922 they had declined tricts are further subdivided by size of cities considerably below Government security hold- in which the banks are located and are pub- ings and constituted only 39 per cent of the lished monthly in the FEDERAL RESERVE total, while on July 18, 1923, they once more BULLETIN. formed as much as 74 per cent of the earning The increase in loans by member banks dur- assets of. the reserve banks. ing the past year has been accompanied by an FEDERAL RESERVE BANKS. increase in accommodation received from the In millions of In percentages of reserve banks. For the banks in leading cities dollars. total earning assets. the total of this accommodation at the end of July July July July July July last July was only $98,000,000, while on July 11 20, 18, 20, 19, 18, of this year it had increased to $565,000,000. 1921. 1922. 1923. 1921. 1922. 1923. While the Federal reserve banks have thus ex- Earning assets, total 1,964 1,134 1,087 100.0 100.0 100.0 tended more accommodation to member banks, Discounts 1,686 443 806 85.9 39.1 74.2 Acceptances 24 149 183 1.2 13.1 16.8 an examination of the Federal reserve chart United States securi- shows that the increase in discounts has been ties 254 542 98 12.9 47.8 9.0

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Thus during the period of low demand for declines in United States notes and national- credit, reserve banks as well as member banks bank notes. The increased use for circulation increased their holdings of investments, while of currency other than Federal reserve notes during the past year, with its increasing demand was seen in the fact that the increased currency for credit to finance the growing volume of demand over the 4th of July was reflected in business, both member banks and reserve the Federal reserve bank statement, not only in banks increased their loans and reduced their an increase of about $55,000,000 in Federal investments. Government security holdings of reserve note circulation, but also in a decrease of the Federal reserve banks on July 18 were less $36,000,000 in cash reserves, and of $12,000,000 than $100,000,000, compared with over $600,- in nonreserve cash. By July 18 the volume of 000,000 shown in June, 1922, while acceptance Federal reserve notes in circulation was re- holdings increased from $149,000,000 on July duced to a level $10,000,000 below that pre- 19,1922, to $183,000,000 on July 18 of this year. vailing on June 27, but cash reserves were still Reserves of the reserve banks have remained about $19,000,000 less than three weeks fairly constant since the middle of 1922, in earlier. spite of the fact that during that period there were gold imports of $235,000,000. This is NEW ISSUE OF REGULATIONS. due to the fact that the gold which has come The Federal Reserve Board recently issued during the past year has chiefly gone into a revised edition of its regulations (series of circulation. Between July 1, 1922, and July 1, 1923, total circulation increased by $354,- 1923). These new regulations, which are 000,000, while the circulation of Federal reprinted elsewhere in this BULLETIN, include reserve currency, including Federal reserve the changes made necessary by the amend- notes and Federal reserve bank notes, increased ments to the Federal reserve act incorporated by only $45,000,000, gold and gold certificates in the agricultural credits act of 1923. increased by $200,000,000, and silver and silver certificates by $116,000,000. During POSTPONEMENT OF NEW COLLECTION RULES. the most recent month, from June 1 to July 1, On July 25 the Federal Reserve Board noti- 1923, there was an increase of $24,000,000 in fied the Federal reserve banks that the new circulation, which reflected a growth of $44,- regulations in regard to collection of checks 000,000 in the circulation of gold and gold from nonmember banks, which were to go into certificates and of $7,000,000 in Federal effect on August 15, have been postponed until reserve note circulation, partly offset by further notice.

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BUSINESS CONDITIONS IN THE UNITED STATES. Production of basic commodities declined in June, but employment was maintained at last month's high level, freight shipments were exceptionally large, and the volume of whole- sale and retail trade continued heavy. Wholesale prices showed a further decrease. Production.—The Federal Reserve Board's index of production in basic industries, which makes allowance for seasonal variations, was 4 per cent lower in June than in May, and stood at about the level of the late winter. Mill consumption of cotton, steel-ingot output, and sugar meltings showed particularly large reductions. The value of permits for new buildings and of contracts awarded declined in June. The Department of Agriculture forecasts on the basis of July 1 condition a large increase in the cotton crop, a slight reduction in the corn crop, a winter-wheat crop of about the same size as last year, and a spring-wheat crop which will possibly be about 40,000,000 bushels below 1922. The number of factory employees at work in June in the country as a whole was about as large as in May, though a reduction is reported by New England establishments. The pro- portion of factories reporting full-time operations decreased and consequently average earnings per employee were smaller. Wage advances continued to be reported in June, but they were not nearly so numerous as in April or May. Trade.—Distribution of commodities, as measured by railroad freight shipments, was active throughout June. The number of cars loaded exceeded 1,000,000 in each of four suc- cessive weeks, and in the week ended June 30 was the largest on record. The volume of wholesale and retail trade in June was about the same as in May and con- tinued to be substantially larger than in 1922. Sales of groceries and dry goods were much

INDEX OF PRODUCTION IN BASIC INDUSTRIES PRICES COMBINATION OF 22 INDIVIDUAL SERIES INDEX NUMBERS OF WHOLESALE PRICES CORRECTED FOR SEASONAL VARIATION U. S. BUREAU OF LABOR STATISTICS PER CENT ( ISIS - 100 ) PER CENT PERCENT I 1313'WO BAS£ ADOPTED BT BUREAU) PERCENT 160 160 3001 1 1 1 1 1300

140 250 250

120 v J V \ AT \ 80 80 150 150

60 60 100 100

50 50

LATEST FIGURE JUNE LATEST FIGURE JUNE

1919 1920 1921 1922 1923 1919 1920 1921 1922 1923

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1 BANK CREDIT BANK CREDIT 800 MEMBER BANKS IN LEADING CITIES ALL FEDERAL RESERVE BANKS

BILLIONS C.c DOLLARS BILLIONS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 16 16

3500 350O 14 14

V, LOANS AAID \ D/SCOUVTS 12 3000 DEMAND 12 DEPOSITS/* V \ ro 10 2500 F.n.nCTESj

8 8 2000 2000 \ 6 1500 1500 5 EARNING ASSETS '

INVEST*ENTSf'"'ni 4 4 1000 1000

TIME • — •• DEPOSITS^ 2 2 500 500

tATEST FIG RE JULY 11 LATE5T FIG RE JULY 18 n 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923

larger in June and this increase was reflected in an advance of 4 per cent in the Federal Reserve Board's index of wholesale trade. This index, which makes no allowance for seasonal changes, was 9 per cent above the June, 1922, level. Department-store and mail-order sales were smaller, as is usual at this season, while sales of reporting chain stores were at about the same high level as in May. Stocks of merchandise at department stores were reduced about 7 per cent. Wholesale prices.—The decline in commodity prices, which began late in April, continued during June and the first two weeks of July, and the index of the Bureau of Labor Statistics for June was 2 per cent less than for May. The largest decline, amounting to 4 per cent, occurred in the prices of building materials, and decreases were shown also for all the other com- modity groups except house furnishings, which remained unchanged. During the first half of July price declines were shown for wheat, sugar, petroleum, and lead, while the price of corn and hides advanced. Bank credit.—Banking developments between the middle of June and the middle of July largely reflected the payment of income taxes on June 15, dividend and interest payments at the turn of the half year, the demand for additional currency for the July 4 holiday, and the return flow of currency after that date. At the end of the period the volume of member bank and Federal reserve bank credit in use was approximately at the same level as a month earlier. At the Federal reserve banks the amount of discounts for member banks on July 18 was about $100,000,000 larger than on June 13, but this increase was practically balanced by a decline in holdings of acceptances and Government securities. During the months of June gold and gold certificates in circulation increased by over $40,000,000, and this increase is reflected in a decline of gold held by the Federal reserve banks. Money rates were slightly firmer, as is usual at this season of the year.

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AGRICULTURE. Grain. Weather conditions during June and the Harvesting of small grains, which began in. first weeks of July were generally favorable the latter part of May, continued during June in most agricultural and live-stock sections of and made rapid progress in the Richmond, the country. Some improvement in crop Atlanta, St. Louis, Dallas, and Kansas City prospects was noted on July 1 as compared districts. In the southern sections of the with June 1, but the composite condition was winter wheat areas harvesting was generally 3.6 per cent below the 10-year average on completed in July and the grain is being July 1. Warm weather, accompanied by threshed. The winter wheat harvest has been frequent rains, was instrumental in advancing delayed about three weeks in the Chicago the spring and summer crops in all Federal district, but the crop is expected to be larger reserve districts. Harvesting of small grains, than a year ago. Growing conditions were which began early in June, made rapid progress generally favorable for corn and spring wheat and is nesring completion in the winter wheat in the Minneapolis district and harvesting of areas of the St. Louis, Dallas, and Kansas winter wheat has begun in southern Minne- City districts. In the St. Louis district weather sota. In the Kansas City district the crop conditions were more favorable for promoting of winter wheat is expected to fall short of rowth and development of seeded crops, and that of 1922, although spring wheat, which f elated cultivation was made possible by the has made fairly good progress and generally is drying out of fields. Some evidence of insuffi- in good condition, promises a larger crop than cient labor was noted, but this was not serious. last year. Improved weather conditions late in Moisture and temperature conditions during June aided farmers in cultivating the corn crop, June in the Minneapolis district, except in which is developing rapidly. According to the North Dakota, were favorable for all crops. condition report of the Department of Agri- Some damage from insects and hail was re- culture the winter wheat crop improved ported in the western part of the district. slightly during June, but the spring wheat crop Spring wheat is in the filling stage and winter declined. The condition of winter wheat on wheat is turning in the southern areas. In July 1 was 76.8 and spring wheat 82.4, com- the Dallas district crop conditions continued pared with 76.3 and 90.2, respectively, on favorable and weevil infestation in the cotton June 1, 1923. The total production of wheat areas has not been reported as serious. Plant- was forecasted on July 1 to be 821,000,000 ings of the major field crops in the San Fran- bushels, as compared with a final yield of cisco district have been completed. The results 862,000,000 bushels in 1922. The price of from last year's operations have induced a wheat declined during June and reached the marked increase of 19 per cent in the planting lowest average since October, 1922. In July of sugar beets. Plantings of potatoes, on the a further decline brought wheat quotations to other hand, are 20 per cent less than they were the lowest level since the outbreak of the war in 1922. The rice crop is generally in good in 1914. Corn, on the other hand, continued condition, but a smaller yield than last year's to advance and reached the highest price in production is expected. The acreage of rice June since November, 1920. in Louisiana is less than in 1922 and the crop The marketing of grain during June, as is unusually late, due to adverse weather condi- indicated by receipts of all grains at 17 interior tions and late plantings. Dry weather in sec- centers was in larger volume than in May, but tions of the Richmond district during May and failed to reach the level of any other month June retarded agricultural progress and caused since January and was smaller than in June, low condition reports on many crops. 1922. The total movement during June The level of prices paid to producers in the amounted to 54,800,000 bushels, compared United States for the principal crops decreased with 48,544,000 bushels in May and 78,018,000 about 2 per cent during June, but were about bushels in June, 1922. The table on page 937 17 per cent higher than a year ago. Com- gives in detail the movements of all grains. pared with the average for the past 10 years In connection with the agricultural situation on July 1, prices were approximately 18 per a committee of economists and statisticians cent lower. The decrease during June was called by the Secretary of Agriculture stated nearly 1 per cent greater than the average that the expansion in the wheat area of the decrease during June for the past 10 years. chief reporting countries, together with the

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decreased buying power of Western Europe, is but declined after that time to 27.65 cents on responsible for the price situation which now June 20. Since then the market has remained prevails. near 28 cents. Cotton. Tobacco. In all sections of the Cotton Belt weather During June the weather was hot and dry conditions were generally favorable to the in the tobacco sections of Maryland and growing cotton crop during the last weeks in Virginia and the young plants made little June and the early weeks of July. Warm and progress. A scarcity of plants accompanied dry weather prevailed generally and the fields by very dry weather during the transplanting were well cultivated. Occasional showers were season caused many farmers to transplant beneficial, but in sections of the Eastern States with water. The drought continued aftar and in Texas dry weather was a retarding factor the fields were set, prevented growth, and in to the young plants. Chopping was completed many cases killed the young plants. Con- in June and the young plants began to bloom ditions are generally best in the burley district in many sections. Boll weevils are numerous and poorest in the bright district. The in many sections, but the hot, dry weather has crops in North and South Carolina escaped held them in check in some parts of the Dallas the dry weather and are in better condition. district. The plants are just reaching the Harvesting has begun in South Carolina, and stage of development in which they stand in the cooperative marketing association opened the greatest danger from the weevils and other its warehouses about the middle of July to insects. According to the report released on July 2 by the Department of Agriculture, the handle the new crop. In the Cleveland dis- condition of the cotton crop on June 25 was trict the burley crop is advancing rapidly, 69.9 per cent of a normal condition, as com- as it has been benefited by favorable weather pared with 71 on May 25, 1923, and 71.2 on. atld seasonal rains. In the St. Louis district June 25, 1922, and 76, the average condition for the crop is in good condition, but a shortage of the past 10 years, on June 25. The area of labor has interfered to some extent with cotton in cultivation was estimated at 38,- cultivation. Some tobacco is being planted 287,000 acres, as compared with 34,016,000 in northwestern Arkansas, where an attempt acres in 1922. Increased acreage was indi- is being made to revive commercial planting. cated in all States, but the greatest increases Tobacco manufacturers in the Richmond were in Missouri, Virginia, Florida, and Ari- district report a continuation of satisfactory zona. The yield was forecasted at 11,412,000 business from both domestic and export bales. In some sections of the Richmond, sources. In the Philadelphia district the Atlanta, and St. Louis districts efforts are demand for cigars is good and better than it being made to poison the weevils, but the pro- was a month ago. Factories are operating at portion of acreage poisoned as compared with about 75 to 90 per cent of capacity. Prices of total cotton acreage is likely to be small. cigars are firm, with no changes in manu- facturers' prices. Manufacturers stocks of The marketing of the old cotton crop was in cigars are moderate and somewhat smaller smaller volume than in the preceding month. than they were a year ago. Combined stocks at mills and warehouses were smaller on June 30 than in the preceding month Fruit. or at the end of June, 1922. Stocks at ware- The condition of fruit crops throughout all houses reached the smallest monthly total sections of the country improved during June since 1920 and stocks at mills were the smallest as a result of favorable weather which pre- since September, 1922. Exports, while slightly vailed generally. The movement of peaches larger than in the preceding month, when the from the Atlanta district made rapid progress smallest number of bales since August, 1920, and in the middle of July was nearing com- was exported, continued in comparatively pletion in the southernmost sections of the small volume, amounting to only 215,000 bales, Peach Belt, while shipments were beginning compared with 491,000 in June, 1922. Prices in the States farther north. Berries ripened of raw cotton of middling grade during the rapidly in the Chicago district, but in some month fluctuated within narrow margins. sections of Michigan the crop was reduced by The price of upland spot cotton, middling dry weather. In the Atlanta district the con- grade, at New York increased from 27.55 cents dition of oranges improved slightly, but that per pound on June 1 to 29.90 cents on June 11, of grapefruit and limes was somewhat less.

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The final yields of both oranges and grape- resulting from large marketing of grass-fed fruit are expected to exceed previous pro- cattle. Receipts of hogs continued heavy in duction records. Deciduous fruit crops in June, a factor which has featured the market the San Francisco district improved generally since the beginning of the year, and were ac- during the month and in many cases estimates companied by a decline in hog values which, of forthcoming yields increased. The 1923 during June, reached the lowest level since commercial apple crop in Washington is esti- 1911. Average prices for the month of June mated at 26,031,000 boxes, compared with were the lowest since November, 1921. 21,312,000 boxes of apples produced in 1922. MINING. The Valencia orange crop is being gathered Coal. and approximately 40 per cent of the crop had been shipped by the end of June. The July has been a month of unusual activity estimate of the crop on July 1 was 10,278,000 and interest in the coal industry. Operations boxes. Total shipments of oranges from at both anthracite and bituminous coal mines California for the season amounted to 38,- have been maintained at a high rate, the 021 cars, compared with 24,011 cars during United States Coal Commission has published the previous season. Lemon shipments were a comprehensive report on conditions in the slightly smaller than for the same period a anthracite industry, anthracite operators and year ago. Shipments of both oranges and miners have met in conference at Atlantic grapefruit from Florida have been greater than City with the purpose of formulating new m the previous season, combined shipments working agreements, and the Interstate Com- amounting to 43,257 cars, compared with merce Commission has announced an import- 33,023 cars during the same period one year ant decision concerning the assignment of ago. railroad cars for fuel. Live stock. The Coal Commission report describes oper- ating conditions at the anthracite mines, the Improvement in the condition of pastures marketing of anthracite, combinations of op- and ranges in the live-stock sections of the erators aiid miners, sociological data con- country continued during June and July, and cerning miners, Slid makes recommendations. in the Kansas City, San Francisco, and Dallas The commission recommends the improve- districts the stock are in good condition. ment of machinery for conciliation of labor However, in some areas of Arizona and Utah difficulties by the appointment of a continuing rainfall was deficient, feed deteriorated, and the umpire, the appointment of alternates for condition of some live stock declined. Showers members of the Conciliation Board, and the came in the first weeks of July and improved appointment of a full-time representative of the situation somewhat. In the Kansas City the operators to consult with district officers district the live-stock industry is more sta- of the unions in the hope of securing local ad- bilized than at any previous season since the justments of difficulties. Penalties for breach war. Cattle are taking on flesh in most States of contracts, the building of a more scientific of the district and in others they are doing structure of rates, and the separation of dates well. The calf crop was about up to normal, at which contracts between operators and with some losses, and sheep are generally in miners expire in anthracite and bituminous excellent condition. The marketing of live regions are also recommended. The Coal stock, as indicated by receipts at 57 markets, Commission states that it does not favor Gov- was in smaller volume in June than in May, ernment ownership or any punitive legislation but was slightly larger than in June, 1922. at this time, but does favor the treatment of All animals were marketed in smaller numbers the coal industry as a public utility and the than in May, but the greatest reduction was appointment of a governmental body with for horses and mules. The smaller marketing in June as compared with the preceding month authority to require financial and operating is due mainly to seasonal influences. Detailed reports, to prescribe uniform methods of ac- figures showing the movement of live stock for counting, and to determine conditions under June, 1923, May, 1923, and June, 1922, are which coal may be shipped in interstate com- given in the table on page 938. In the Dallas merce. On the same day that this report was district June witnessed a heavy movement of issued (July 8) the operators and miners met cattle and calves; calf receipts were the heaviest in joint conference at Atlantic City, but they of the year, and the supply of cattle was larger have not yet reached an agreement. Mean- than that of any other month except May, while the price of anthracite has remained un- changed, demand has been large, and mine

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output has continued at a weekly rate of over however, are purchasing small amounts to sup- 2,000,000 tons. The accompanying ratio chart plement their supply of anthracite. Prices of illustrates the course of production in the both foundry and furnace grades of Connells- anthracite and bituminous fields since 1919, ville coke were about 50 cents lower on July 18 and gives an accurate comparison of percentage than on June 21. changes in output from month to month. This chart shows that production of both Petroleum. anthracite and bituminous has been unusually Despite falling prices and efforts to curtail large since last September and that monthly output, the production of crude petroleum and fluctuations have been relatively small. of refined products continued at a high rate during June and July. Although this is the MILLIONS OF TONS MILLIONS OF TONS season for maximum consumption, stocks of 80 60 crude petroleum continue to accumulate. Con- sumption of gasoline, to be sure, is exceeding all previous records, but production is so great that the reduction of stocks is very small com- pared with total supplies held. Crude petro- leum prices have been reduced within the last two months in practically all fields except those of the mid-continent and California. The latter has all this year been on a lower price basis than the rest of the fields, and east-coast re- finers have bought heavily of California oil. In the mid-continent area purchasers are pro- rating their takings among the various pro- ducers in an effort to keep down output. At- tempts have also been made in California to curtail production, but any reductions effected in one section are immediately more than offset by larger runs in other fields. Official statistics show an output of 61,364,000 barrels of crude petroleum during June, as compared with 61,962,000 barrels in May and 45,559,000 barrels during June, 1922. Stocks at the end of June totaled 273,157,000 barrels, the largest on record.

1919 1920 1921 1922 1923 Gasoline production during May equaled Production ol anthracite and bituminous coal, by months, from Janu- 631,704,693 gallons, a record-breaking figure. ary, 1919, to June, 1923. Consumption was slightly larger, causing a decline in stocks held by refineries, and un- Bituminous output during June declined official statistics indicate a further decline dur- about 1 per cent, but has shown some increase ing June. Yet stocks at the end of May in the first three.weeks of July. Prices regis- equaled 1,328,533,247 gallons, 55 per cent more tered further declines in July and demand was than those held a year previous, whereas con- dull. Railroads, however, are buying some- sumption has increased only about 20 per what more freely, as a result of the decision of cent. Refinery and tank wagon prices of the Interstate Commerce Commission that gasoline were reduced during July by a number neither railroads nor private owners of cars may of companies, particularly in Atlantic coast assign them for their own fuel except under States. special permit from the commission. Commer- cial stocks of coal on June 1 amounted to Metals. 41,000,000 tons, the largest total since April Production of nonferrous metals was main- 1, 1922. tained at a high level during June, except in The manufacture of by-product and beehive the case of suver, while prices have shown coke was somewhat curtailed during June, but divergent trends. The prices of lead and silver the total output continued to be larger than in have declined, while the prices of zinc and any month of 1922. The demand from pig-iron copper have shown some stiffening. Silver furnaces has slackened. Retail coal dealers, production in June totaled 5,101,000 ounces,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 884 FEDEKAL RESEBVE BULLETIN. AUGUST, 1023.

which was 25 per cent less than in May. This June, 1922. Slaughter of all animals declined, pronounced curtailment of output was due to the greatest decreases being shown for calves. the cessation of purchases under the Pittman The total of all animals slaughtered amounted Act and the consequent reduction in the price to 6,332,000 head, compared with 6,527,000 received by American producers from $1 to head in May and 6,188,000 head in June, about 65 cents an ounce. 1922. The numbers of the different animals Total production of lead increased 4 per cent slaughtered in June, 1923, May, 1923, and in June, while zinc production was 11 per cent June, 1922, are given in the table on page less than in May. Shipments of both zinc ore 939. Although domestic trade in packing- and lead ore from mines in the Kansas City house products was in slightly smaller vol- district increased during June, but the average ume during June than in May, it was in price received declined to the lowest level for greater volume than in June, 1922. Dollar the current year. As a result of the fall in sales of 52 meat-packing companies report-' prices, many mines were closed for a period of ing to the Chicago Federal Reserve Bank two weeks in July. Stocks of slab zinc at the increased 2 per cent over May and 7 per end of June reached the highest total for the cent over June, 1922. Exports of meat prod- current year, but were still only equivalent to ucts were reported less than in May, due about two weeks' consumption. largely to seasonal causes and to unsettled Copper production was slightly smaller in conditions in Europe. After July 1, how- June than m May, but was larger than in any ever, some improvement in export demand other month during the past four years. Buy- was noted. ing has been relatively small during July, al- though there has been some increase in the Textiles. export demand from Europe and the Orient. Quietness continued to prevail in all textile Consumption in this country continues to be industries during June and July, as evidenced large, as rolling mills and brass mills are oper- by the small volume of sales and reduced ating at close to capacity. operating schedules. Dullness at this season is ordinarily to be expected, but activity during MANUFACTURING. the spring months, especially in production, was so great that the slump this year was rather Food products. pronounced. Reports indicate that mills are Production of wheat flour during June accumulating stocks, as shipments have fallen amounted to 8,331,000 barrels, 7 per cent below output. Prices are weak or declining less than in the preceding month. Compared as contrasted with the rising tendency noted with corresponding months in previous years early in the spring. the June output was the largest of any June Continued slack buying of cotton textile since 1919. Mill operations varied from 38 products resulted in a rather substantial cur- per cent of capacity in the Chicago district tailment in mill consumption of cotton during to 51 per cent of capacity in the Kansas City June, and likewise a decline in the number of district, compared with 42 per cent and 56 per spindles active during the month. Moreover, cent in the respective districts during May. in July a large number of manufacturers, The domestic flour trade experienced the har- particularly in New England, closed down their vest season dullness throughout the month, as mills for a short period or reduced the number dealers and consumers generally were awaiting of working days in the week, and in the South developments in the wheat market. Exports also some slackening has occurred. Manu- of wheat flour declined further in June and facturers' stocks of raw cotton are somewhat amounted to 806,000 barrels, compared with larger among the southern mills than they were 983,000 barrels in May and 932,000 barrels in a year ago, but are slightly smaller in other June, 1922. The June figure is the lowest States. Buying of both cotton goods and monthly total since 1920. Early in July the yarns has been slight for some months. This declines in the prices of wheat were followed has been attributed largely to uncertainty as by lower quotations in flour prices in the to new-crop cotton prices. Reports from mills principal markets. in the Atlanta Federal reserve district indicate Meat packing during June, as indicated by that although production of cotton goods and animals slaughtered under Federal inspection, yarns was maintained in June at a point above was in slightly smaller volume than in the that of June, 1922, shipments of goods and preceding month, but was greater than in orders on hand for goods and yarns were

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smaller. These items were all smaller than for declined during June and July, and at the end May, whereas stocks on hand were larger. of the latter month were lower than at any time Cotton finishers throughout the country re- since last fall. ported reductions in production, orders, and Clothing manufacturers generally report that shipments during June, both as compared with the volume of orders booked for fall goods was May and with last June. Cotton-goods prices satisfactory. The demand for fancy-back continued to decline and on July 21 the Fair- overcoats was particularly large. The Federal child index number reached the lowest point Reserve Bank of Philadelphia reports that in since October 21, 1922. Yarn quotations also suitings, the more expensive worsteds have were lower. sold best, but jobbers in the St. Louis district In the woolen industry, the seasonal lack of stated that the greatest demand was for the buying did not have the same effect upon prices medium-priced and cheap lines. Prices are as in other textile lines, for quotations on generally above those prevailing a year ago. woolen products have remained fairly firm, Clothing wholesalers in the New York district whereas cotton and silk have declined in price. reported a decline of one-third in sales during Recent sales of raw wool in the growing sec- June as compared withMay, but anincreaseof 17 tions, it is true, were made at figures somewhat per cent above those for last June. Tailors to below those prevailing early in the season, but the trade in the Chicago district submitted figures at the central markets quotations, although for June showing a 48 per cent increase in business mostly nominal, held fairly firm. The opening as compared with the same month last year. of certain men's wear lines for next spring by Knit underwear production during June was the American Woolen Co. on July 23 was at less than in May and new orders also declined, prices from 6 to 20 per cent above those pre- but shipments increased slightly. As ship- vailing at the spring, 1923, opening. No. ments exceeded orders booked a further reduc- 3192 Fulton serge, a standard cloth, was tion in unfilled orders occurred, continuing the quoted at $2.87^ per yard, as compared with seasonal downward tendency which has been $2.67^ at this year's opening of fall goods and noted in this item since January. Further with $2.50 at the spring opening of one accumulation of stocks was evident. Buying year ago. June statistics showed substantial of winter underwear has been practically decreases in mill operations during that completed, and the openings of next summer's month, and wool consumption was the smallest garments were not made until after the middle since last July. The percentages of active of July. The prices quoted at these openings machinery and of active machine hours, how- were higher than the 1922 quotations. ever, although less than in May, indicated that Hosiery manufacturers generally report that activity was still at a fairly high level. Lack business is only fair, although in July a slight of new orders and some cancellations resulted seasonal increase in orders for fall goods was in further cuts in production schedules during noted. As a whole, buying is cautious and July, but a little more lively buying was re- mostly for immediate delivery. Statistics com- ported late in the month. piled by the Federal Reserve Banks of Phila- Seasonal factors, together with uncertainty delphia and Atlanta for June showed decreases as to raw silk prices, have slowed up buying of in production ,shipments, and orders as com- silk goods in recent months, and mills now have pared with May. Production and unfilled few orders booked except for delivery within a orders were larger than for June, 1922, in both short period. In order to avoid the accumula- districts, but shipments and new orders were tion of stocks, manufacturers have curtailed smaller in the Philadelphia district. Some production. Operations in the Philadelphia decreases in hosiery prices occurred during Federal reserve district in July were esti- July and raw materials are also lower. mated at about 60 per cent of capacity; in the North Hudson section 62 per cent of available Iron and steel. looms were active on July 14, while in Pater- Production of iron and steel was moderately son only 48 per cent were producing on that curtailed during June, the unfilled orders of date. Deliveries of raw silk to mills during the United States Steel Corporation were re- June were slightly greater than during May, duced, and prices of many steel products were but imports were very small and stocks in lowered. A decline in activity at steel mills, warehouses were reduced to the lowest figure however, is usual at this season of the year. in over a year. Prices of Japanese raw silk Production of pig iron in June was 5 per cent

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less than in May, and output of steel ingots leather market, on the other hand, continued decreased 11 per cent. The average prices of to be rather dull during June and July, partic- 14 iron and steel products on July 18 were 5 ularly as regards heavy leathers. Upper per cent below their May peak. Most of this leathers became slightly more active. The decline has been in the prices of various grades production of sole leather was further reduced of pig iron, and demand for iron continues to in June for the third consecutive month, but be particularly dull. This has resulted in the was above that of last June. Stocks held by blowing out of several blast furnaces during tanners increased during June, but are smaller July- than a year ago. Stocks of raw cattle hides Demand for finished steel from railroads and are fairly large as compared with those held oil companies continues to be large, and there during most of 1922. has been some recovery in the demand for Demand for shoes was seasonally dull during structural shapes. The Philadelphia Federal June, but, according to reports from the Phila- Reserve Bank reports that new orders for delphia Federal Reserve Bank, many factories machinery, plates, shapes, and wire are large, making women's and misses' and children's while orders of hardware factories have been shoes have received sufficient orders since the only moderately curtailed. Reports from the first week in July to keep them busy for about Cleveland district indicate that consumption is two months. As indicated on the accompany- still heavy and that cancellations are conspicu- MILUONS OF PAIRS MILLIONS OF PAIRS ously lacking. In the Chicago district manu- 45 facturers of stoves and furnaces report a de- AO cline in the volume of new orders and shipments 40 are exceeding current bookings. 35 35 / S Automobiles. \is 23 30 -/ Production and shipments of automobiles />•* 30 declined slightly in June, as compared with 4 19 22 April and May, but were larger than in any 25 25 other months on record. Passenger-car out- *•> »/ put totaled 337,000, which was 4 per cent less 20 20 than in May, while truck production totaled 40,600, a decrease of 6 per cent. Several of 15 15 the largest manufacturers are still maintaining their output at factory capacity, while others 10 10 have announced moderate curtailment of sched- ules. Reports of 230 dealers in the St. Louis 5 5 district showed that retail sales in the last part I of June and first two weeks of July were 8 per 0 o cent larger than in the previous 30-day period JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. and 15 per cent more than in the corresponding Monthly production of shoes in the United States, January, 1922, to period of 1922. Replacement sales have been June, 1923. heavy, and the value of secondhand cars is ing chart the production of shoes in June about one-fifth less than a year ago. The tire throughout the country was less than during business has been dull and several manufac- May, but output in each month of this year turers have announced price cuts. Produc- has been above that for the corresponding tion of rubber factories has exceeded shipments month of 1922. Attention is also called to and there has been some accumulation of the similarity in month-to-month fluctuations stocks. noted in the industry for comparable months of 1922 and 1923. Statistics compiled by the Leather and shoes. Federal Reserve Banks of Boston, Phila- Late in June unusual activity was noted in delphia, and Chicago for June show declines the Chicago packer hide market, and sales of in production, orders booked, and shipments over 500,000 hides were effected within a week from the May figures. As compared with at the lowest prices recorded in over a year. June, 1922, production and shipments were During July a fairly large number of hides were less in the Boston district, but, together sold and prices recovered somewhat. The New with unfilled orders, they were greater m the York hide market was also more active. The other two districts. Sales of shoes by whole-

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salers were smaller during June than in May The average price of building materials declined in all reporting districts except Chicago and 4 per cent during June, according to the index St. Louis, but were generally well above last of the Bureau of Labor Statistics, and was 5 June's figures. Retafl sales in the Philadelphia per cent lower than the peak for 1923. The district were practically the same as in May Secretary of Commerce has announced the and 11 per cent greater than during June, 1922. appointment of a committee which will inves- Shoe chain store sales showed similar ten- tigate the possibility of spreading construction dencies. activity more evenly during the 12 months of the year, thus utilizing the time of building Lumber. craftsmen more effectively and increasing their Lumber manufacturers generally report that average earnings. production has been fairly well maintained The accompanying bar diagram shows a during the summer, with only a slight seasonal comparison by Federal reserve districts of downward tendency evident. The trend of the value of building contracts awarded in shipments has been downward to a greater the first six months of 1922 and the first six extent, but for June they compared favorably months of 1923. This diagram indicates that with those of June, 1922, when the maximum for the total value of awards has been higher the year was reached. Orders, however, con- in 1923 than in 1922. There has been a very tinue to fall off rather steadily and during June MILLIONS OF DOLLARS MILLIONS OF DOLLARS were below those of the same month last year. 500 Production and shipments by mills are now generally made on the basis of orders booked 1)922 M/323 earlier in the year. Statistically, total cut for June by 578 mills equaled 1,459,000,000 board 400 40d feet and shipments totaled 1,269,000,000 feet, as compared with May figures reported by 586 « mills of 1,536,817,000 feet for cut and 1,448,- 300 '//. 300 215,000 feet for shipments. The excess of cut over shipments has enabled mills to replenish their somewhat depleted stocks. 200 200 Signs of curtailment in new building projects and reduced buying of lumber have weakened the market somewhat, and prices went off 100 100 during June and July. "Lumber's" softwood index for the week of July 20 dropped to the lowest level since last August. Hardwoods, I NEW which declined during June, appeared to be BOSTON C R| YORK i LAND CHMOND CHICAGO fairly steady in July. Retail lumber dealers PHILA- Value of building contractDELPHIs Aawarded, by Federal reserve districts, are still doing a good business making sales during first six months of 1923 and corresponding period of 1922. and deliveries for buildings under construction, but they are generally keeping stocks down. slight curtailment of awards in the Boston and Therefore, wholesalers report that business has New York districts, but this was more than been only fair, and most sales were for immedi- offset by substantial increases in the southern ate delivery. and western districts from which reports were BUILDING. obtained. The increase in value of awards as compared with last year was not due solely to The number and value of permits and the increases in costs of materials and in wages of value of contracts for new buildings declined workmen, for the number of square feet con- during June. This decrease was largely sea- tracted during the first five months of 1923 was sonal, but seems to have been somewhat more 18 per cent more than in the corresponding drastic than is customary in the early summer. period of 1922. Operating conditions in the building industry, The value of contracts awarded in 10 Federal however, have recently shown considerable reserve districts (compiled from statistics improvement. Disputes between contractors gathered by the F. W. Dodge Co.) aggregated and organized labor have been amicably settled $368,116,000 in June, which was 14 per cent in many cities and there has been a rather less than in May. Declines were reported marked drop in the cost of building materials. from eight districts, and ranged from 4 per

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cent in the New York district to 45 per cent year ending June 30 than in the corresponding in the Richmond district. The Chicago and period in 1922. Total sales in all lines were 4 Kansas City districts showed increases of per cent greater in June than in the preceding 18 per cent and 7 per cent, respectively. month and were 9 per cent greater than in Decreases in value of residential awards June, 1922. Sales of groceries, meat, and dry occurred in all 10 reporting districts in June goods increased during the month, while sales and the total value of contracts of this type of shoes, hardware, and drugs were slightly was one-fifth less than in May. Statistics less. Compared with June, 1922, increases of building contracts and building permits were noted in all lines, the greatest being in are published on page 950. the sales of hardware and dry goods. With the exception of the Richmond, Atlanta, and St. TRANSPORTATION. Louis districts, where small declines were in- dicated, sales of groceries were greater in all Transportation conditions during June and districts. Compared with June, 1922, increases the first half of July continued to show were noted in all districts except St. Louis. marked improvement. Car loadings were sus- The increases ranged from 2 per cent in the tained at close to a record rate throughout Kansas City district to 14 per cent in the this six-weeks period, the surplus of available Boston district. Sales of shoes were smaller in equipment was largely increased, and net all districts except Chicago and St. Louis, where earnings showed a substantial gain as com- increases of 13 per cent and 2 per cent, respect- pared with previous years and the early ively, were reported, and all districts except months of 1923. the Chicago district showed increases over Loadings were in excess of 1,000,000 cars June, 1922. Distribution of hardware was in in each week of June and reached the record smaller volume in all districts except in the total of 1,021,770 in the week ending June Atlanta, Kansas City, and Dallas districts 30. These June loadings are particularly note- where agricultural equipment was in better worthy, since there is usually a marked demand. The table on page 952 shows in detail seasonal increase in the summer and fall with the trend of wholesale trade in the United a peak movement in October. Loadings of States and changes in the wholesale trade by merchandise, forest products, and ore con- Federal reserve districts. tinued to be exceptionally large, while the grain and live-stock traffic showed some Retail trade. seasonal decline. Retail distribution maintained a high rate of Freight-car shortage was reduced to 4,329 activity during the first half year ending June in the week ending July 7, as compared with 30, and exceeded the volume of the corre- 12,978 in the week ending June 8, and a sur- sponding period last year. During June, sea- plus of 64,000 cars is now reported. The sonal recessions occurred and the total volume substitution of a large net surplus of cars of trade was somewhat less than in May, but for a net shortage during the first half of it was greater in all lines than in June, 1922. 1923 is due to the putting in service of 79,000 With the exception of drug and 5-and-10 cent new cars, a reduction of 26,000 in the number chains, which had sales slightly greater than in of cars awaiting repairs, and an increase of May, decreases were noted in all lines. Depart- over 7 per cent in the average car mileage ment store sales decreased 3 per cent, mail-order per day. In this period of six months 2,000 sales 11 per cent, and music-chain sales 3 per new locomotives have been put in service and cent. Decreases in other lines were small. the number of locomotives in bad order has Compared with June, 1922, sales in all lines been reduced by 4,100. These figures show increased, ranging from 11 per cent for cigar that the American railroads have achieved chains to 25 per cent for mail-order houses. remarkable success in carrying out their pro- Department-store sales showed declines in gram to improve service which was announced June in all districts from which reports were m April. received with the exception of the Boston, Richmond, and Chicago districts. The de- TRADE. creases ranged from 1 per cent in the New Wholesale trade. York district to 13 per cent in the Dallas and San The total volume of wholesale trade in the Francisco districts. In all districts sales in- United States during June was substantially creased over June, 1922, and theincreases ranged larger than in the previous month or in June, from 4 per cent in the Dallas district to 18 per 1922. Sales were also greater during the first half cent in the Atlanta district.

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Stocks of department stores declined 7 per the Bureau of Labor Statistics show that the cent in June from the preceding month, but volume of employment in June increased less were 8 per cent greater than in June, 1922. than one-tenth of 1 per cent as compared with The table on page 953 shows in detail figures for May, while average weekly earnings decreased retail trade by Federal reserve districts for 0.6 per cent. This decrease in earnings was June, 1922 and 1923. entirely due to the decrease in factory activity, which occurred in the iron and steel, cotton, PRICES. woolen, automobile, shoe, and many other im- Wholesale prices continued to decline in portant industries. Of the total reporting June, the index numbers of the Federal Reserve establishments, 83 per cent were operating on Board and the Bureau of Labor Statistics each a full-time basis in June, as compared with dropping 3 points. The declines of the last two 85 per cent in May. Wage increases occurred months have carried the general level of prices in practically all reporting industries, but only below the January figures to a point about the 472 establishments were affected, as compared same as that of September, 1922. While the with 1,279 in May and 800 in April. The general average of prices is now the same as largest number of increases were announced in September, individual commodities and by establishments manufacturing foundry and groups of commodities have in many cases machine products, furniture, lumber, brick, changed their relative positions. In fact, there and men's clothing. is not a commodity group in 'either of the two Reports from Federal reserve banks and indexes which has returned to its September State departments of labor indicate that in- level and most of the groups have shifted dustrial plants and farms absorbed additional radically. workers in June in all sections of the United In the Bureau of Labor Statistics index States except New England and New York. prices of fuel and lighting have dropped 24 per The Philadelphia bank states that the number cent during the last nine months, but all of the employed by 503 reporting firms increased 2 other groups are now higher than in September, per cent during June, and that there was also 1922. Even after the general price declines a 2 per cent increase in the average earnings of the last two months, foods and farm products per employee. Plants manufacturing furni- are higher than they were in September by 3 ture, pottery, and railroad equipment made and 4 per cent, respectively; chemicals are up particularly large additions to their forces, 6 per cent, building materials 8 per cent, cloths while manufacturers of automobile parts, rub- and clothing 9 per cent, and metals 10 per cent. ber tires, and cotton goods substantially re- duced the numbers on their pay rolls. In the When the commodities in the Bureau of Chicago district 200 firms reported a total in- Labor Statistics index are regrouped according crease of 0.6 per cent in employment. The to stages of manufacture, prices of raw mate- heaviest gain was reported by meat packing rials are found to have declined 6 per cent since plants and amounted to about 6 per cent. The last September, whereas prices of producers' St. Louis and San Francisco banks report a large and consumers' goods have risen 9 per cent demand for farm labor, with an acute shortage in and 3 per cent, respectively. Among raw certain sections. Farmers in Oregon, Washing- materials, the group of " agricultural products," ton, and Idaho have advanced wages about comprising mainly grains, cotton, and tobacco, 20 per cent. In contrast with these increases is 21 per cent higher than nine months ago, in employment the Massachusetts State De- while the group of "animal products," which partment of Labor and Industries reports for includes chiefly cattle, hogs, hides, and wool, 692 establishments a decrease of 2 per cent is 10 per cent lower. in employment in June. Decreases were re- corded by 21 out of the 29 reporting industries EMPLOYMENT. in Massachusetts and amounted to over 10 per Industrial employment was maintained dur- cent in the case of plants manufacturing silk goods, shoes, "and women's clothing. The ing June at the same high level as in May, while New York State Department of Labor reports most agricultural sections reported a shortage that employment decreased 1 per cent in June. of farm workers. Additional increases in wage The chief reductions in number of workers rates were announced, but these were only occurred at clothing establishments, textile about one-third as numerous as in May. Re- mills, and printing plants. ports from 6,441 industrial establishments to

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COMMERCIAL FAILURES. GOLD MOVEMENTS. Commercial failures in the United States de- Gold imports in June totaled $19,500,000 clined materially in June; in fact, the number and gold exports were about $500,000, so that of firms failing, 1,358, was the smallest for any there was a net addition of $19,000,000 to the month since June, 1920, and the liabilities country's gold stock. Total gold imports for involved, $28,678,276, was the lowest since the first six months of the present year totaled August, 1920. Total liabilities for the second $132,000,000, compared with $123,000,000 for quarter and for the first six months of the year the corresponding period in 1922. For the were below those recorded in corresponding pe- second consecutive month Germany has sent riods of the two previous years. In number considerable amounts of gold to this country, of failures, figures for six months of this year receipts from Germany during June having exceeded those of the first half of 1921, but amounted to $12,700,000 and during May to were less than in 1922. $14,200,000. For the fiscal year ending June The number of failures during June exceeded 30 net gold imports were $235,000,000. About those of May in the St. Louis, Kansas City, and one-half of the gold imported during the fiscal Dallas Federal reserve districts, and liabilities year came from England, representing chiefly were greater in the New York, St. Louis, and the product of the Kand mines shipped from Kansas City districts. As compared with June, South Africa by way of London. Among the 1922, only in the New York and Philadelphia other countries, contributing considerable districts were there increases in number, where- amounts of gold are Canada, Germany, France, as liabilities increased in the New York, Rich- and Netherlands. mond, St. Louis, and Minneapolis districts. The table below shows gold imports and ex- During the second quarter of the year, compared ports for June, 1923, and for the year ending with the corresponding period of 1922, both June, 1923, by months. A table showing gold manufacturing and trading insolvencies were and silver imports and exports in detail is fewer in number, but liabilities involved in the printed on page 971. failures among manufacturers were over 30 per cent larger, whereas in the trading class a 35 GOLD IMPORTS AND EXPORTS. per cent decrease in liabilities was noted. Imports. Exports.

Country. June, Year end- Country. June, Year end- COMMERCIAL FAILURES DURING JUNE. ing June, ing June, 1923. 1923. 1923. 1923.

Number. Liabilities. France $712,199 $22,391,027 France $2,660,000 Germany 12,699,999 26,918,284 Switzerland. $10,426 1,372,633 District. Great Britain 1,449,574 141,722,541 Canada 81,148 22,192,021 Netherlands. 62,875 15,957,122 Mexico 376,960 5,032,034 1923 1922 1923 1922 Canada 2,173,894 34,254,897 British In- Mexico 375,045 5,505,541 dia 20,000 13,431,518 China 60,000 7,513,517 Hongkong.. 39,450 3,030,270 No. 1—Boston 104 150 261,171 $4,888,902 Allother 1,899,953 29,826,621 Allother 20,500 1,303,499 No. 2—New York 288 273 276,970 7,642,247 074,915 1,573,360 No. 3—Philadelphia... 60 57 Total.. 19,433,539 284,089,550 Total.. 548,484 49,021,975 No. 4—Cleveland 105 136 466,216 3,521,377 No. 5—Kichmond 91 137 488,755 2,183,739 No. 6—Atlanta 91 147 294,943 2,041,013 No. 7—Chicago 159 230 854,809 6,369,831 FOREIGN EXCHANGE. No. 8—St. Louis 68 125 450,239 1,525,233 No. 9—Minneapolis 390,396 1,307,894 76 79 274,881 2,149,987 Exchange rates on leading foreign countries No. 10—Kansas City.. 63 86 293,018 2,481,679 No. 11—Dallas 97 114 551,963 2,557,188 in June and in July are shown on page 976. No. 12—San Francisco. 156 206 The general foreign exchange index, represent- Total, June 1,358 1,740 28,678,276 38,242,450 9,724 13,384 259,424,068 373,716,338 ing a weighted average of rates on 17 coun- Total, six months. tries, was 63 in July, compared with 66 in June.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL, BESEKVE BULLETIN. 891 RULINGS OF THE FEDERAL RESERVE BOARD. Rediscounts for nonmember banks. fully the facts which give rise to each applica- tion and the reasons why the applying member Section 19 of the Federal reserve act pro- bank feels justified in seeking such permission. vides, in part, that: (4) As a general rule, the Federal Reserve No member bank shall act as the medium or agent of a Board will not grant to member banks permis- nonmember bank in applying for or receiving discounts sion to rediscount with Federal reserve banks from a Federal reserve bank under the provisions of this act, except by permission of the Federal Reserve Board. the paper of nonmember banks which are eli- gible for membership in the Federal reserve During the emergency of 1921 the Federal system. Eligible nonmember banks should Reserve Board granted to member banks the join the Federal reserve svstem if they desire privilege of acting as the media or agents of to participate in its benefits. The board will nonmember banks in rediscounting paper with make exceptions to this rule, however, in some Federal reserve banks. (FEDERAL RESERVE cases in order for a limited time to assist such BULLETIN, August, 1921, page 963.) That banks in emergencies; but such exceptions will privilege, however, was grunted only as a tem- be made only with the understanding that they orary emergency measure and, the emergency will not be continued beyond the period when Eaving passed, it was revoked by the Federal the eligible nonmember bank concerned can Reserve Board under date of June 26, 1923. qualify for admission to membership in the The board, therefore, announces the following Federal reserve system. rules for the guidance of the Federal reserve banks and the member banks: (1) The ruling published on page 963 of the Right of a national bank to make " construction bond and August, 1921, BULLETIN, which gave member mortgage loans." banks general authority to apply to their The Federal Reserve Board has recently respective Federal reserve banks for discounts been asked for its opinion with regard to the of eligible paper acquired from nonmember right of a national bank to make advances on banks, and the ruling published on page 213 of what are known as "construction bond and the August, 1915, BULLETIN, are rescinded in mortgage loans." The question presented was toto. The rulings published on page 520 of the whether a national bank is authorized under June, 1918, BULLETIN, and on page 745 of the section 24 of the Federal reserve act to make August, 1918, BULLETIN are rescinded in so far a loan the proceeds of which are to be used in as they apply to the rediscount of paper bearing erecting improvements on real estate thereto- the signature or indorsement of nonmember fore unimproved, the amount of the loan to be banks or acquired from nonmember banks. advanced in installments as the improvements (2) Except with the board's permission, no are erected. The bank is, of course, at all Federal reserve bank shall discount any paper times to be amply secured by a valid and acquired by a member bank from a nonmember enforceable lien. bank or bearing the signature or indorsement The board expressed the opinion that a of a nonmember bank: Provided, however, national bank may make such a loan provided That Federal reserve banks may discount that the construction of the improvements is bankers' acceptances and other eligible paper actually commenced or some improvements bearing the signature or indorsement of a non- >ave actually been made on the land at the member bank if such paper was bought by the tnne the first advance is made. It is under- offering bank in good faith on the open market stood, of course, that the total amount of the from some party other than the nonmember advances shall not at any time exceed 50 per bank. cent of the actual value of the land and im- (3) Application for permission to rediscount provements thereon at that time, and that the paper acquired from nonmember banks shall be loan will comply in all other respects with the made by the member bank which desires to provisions of section 24 of the Federal reserve offer such paper for rediscount and shall state act.

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REGULATIONS OF THE FEDERAL RESERVE BOARD.

WASHINGTON, July 10, 1923. its guidance in determining whether two or more banks The Federal Reserve Board transmits herewith a new are in substantial competition has also been inserted in issue of all of its regulations applicable to member banks. the regulation. Regulations A and B of the new series supersede the corre- Instructions which govern only Federal reserve agents sponding regulations of the series of 1922, and the other or Federal reserve banks will be covered in separate let- regulations of the new series supersede corresponding ters or regulations, as in the past. regulations of the series of 1920. It is to be noted that By order of the Federal Reserve Board. regulation J of the new series will not be effective until WM. W. HOXTON, Secretary. August 15, 1923. Regulation A has been materially amended in order to make it conform to the provisions of the Federal reserve act as amended by the agricultural credits act of 1923. REGULATION A, SERIES OF 1923. This regulation has also been amended so as to conform to the amendment to section 9 of the Federal reserve act (Superseding Regulation A of 1922.) contained in the act of July 1, 1922, and has also been DISCOUNTS UNDER SECTIONS 13 AND 13 (A). amended in a few other respects. Regulation B has been clarified and Section II (c) of the ARTICLE A. NOTES, DRAFTS, AND BILLS OP EXCHANGE. old regulation has been omitted because it is no longer necessary in view of the broader provisions with reference SECTION I. General statutory provisions. to six months' agricultural acceptances contained in the law and in regulation A as amended. Any Federal reserve bank may discount for any of its Regulation C is identically the same as in the series of member banks any note, draft, or bill of exchange: Pro- 1920. vided— Regulation D has not been changed, except that a slight (a) It has a definite maturity at the time of discount of inaccuracy in the quotation from section 19 has been cor- not more than 90 days, exclusive of days of grace; except rected and section numbers have been inserted. that (1) if drawn or issued for an agricultural purpose or Regulation E has been rearranged and the appendices based on live stock, it may have a maturity at the time of heretofore published separately have been incorporated discount of not more than nine months, exclusive of days in the body of the regulation. No material change has of grace, and (2) certain bills of exchange payable at sight been made in the substance of the regulation, however, or on demand are eligible even though they have no defi- except the elimination of the 10 per cent limitation on nite maturity (see Section VII, below); the amount of warrants of any municipality which might (b) It has been issued or drawn for an agricultural, in- be purchased by a Federal reserve bank with the indorse- dustrial, or commercial purpose, or the proceeds have been ment of a member bank. used or are to be used for such a purpose, or it is a note, Regulation F is identically the same as in the series of draft, or bill of exchange of a factor issued as such making 1920. advances exclusively to producers of staple agricultural Regulation G has been changed only in one respect. products in their raw state; Paragraph (g) thereof has been changed so as not to require (c) It was not issued for carrying or trading in stocks, a note representing a real-estate loan to be canceled at bonds, or other investment securities, except bonds and maturity and a new note taken in its place. It now per- notes of the Government of the United States; mits the old note to be renewed or extended for an addi- (rf) The aggregate of notes, drafts, and bills bearing the tional period. signature or indorsement of any one borrower, whether a Regulation H has been changed materially so as to con- person, company, firm, or corporation, discounted for any form to the amendments to section 9 of the Federal reserve one member bank, whether State or National, shall at no act contained in the agricultural credits act of 1923, which time exceed 10 per cent of the unimpaired capital and make State banks with a capital equal to not less than 60 surplus of such bank; but this restriction shall not apply per cent of the amount required for the organization of a to the discount of bills of exchange drawn in good faith national bank eligible for admission to membership under against actually existing values; certain terms and conditions. (e) It is indorsed by a member bank; and Regulation I has been changed so as to conform to the (/) It conforms to all applicable provisions of this regu- present practice in connection with the applications of lation. newly organized national banks for membership in the No Federal reserve bank may discount for any member Federal reserve system, and also so as to require the re- State bank or trust company any of the notes, drafts, or ceivers of insolvent member banks and the liquidating bills of exchange of any one borrower who is liable for agents of member banks in voluntary liquidation to apply borrowed money to such State bank or trust company in for the surrender and cancellation of the Federal reserve an amount greater than that which could be borrowed bank stock held by such banks within six months after lawfully from such State bank or trust company under their appointment. the terms of section 5200 of the United States Revised Regulation J has been rewritten and brought up to date. Statutes, as amended, were it a national banking associa- This new regulation, however, will not become effective tion. until August 15, 1923. Any Federal reserve bank may make advances to its Regulation K is identically the same as in the series of member banks on their promissory notes for a period not 1920. exceeding 15 days, provided that they are secured by Regulation L has been changed slightly by broadening notes, drafts, bills of exchange, or bankers' acceptances the definition of the term "national bank" as used in the which are eligible for discount or for purchase by Federal regulation to include all banking institutions organized reserve banks, or by the deposit or pledge of bonds or or operating under the laws of the United States. A state- notes of the United States, or bonds of the War Finance ment of the general principles adopted by the board for Corporation.

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SECTION II. General character of notes, drafts, and bills of A recent financial statement of the borrower must be on exchange eligible. file with the member bank in all cases, unless the note The Federal Reserve Board, exercising its statutory was discounted by a member bank for a depositor (other right to define the character of a note, draft, or bill of than a bank) or for another member bank, and— exchange eligible for discount at a Federal reserve bank, (1) It is secured by a warehouse, terminal, or other has determined that—• similar receipt covering goods in storage, by a valid prior (a) It must be a negotiable note, draft, or bill of ex- lien on live stock which is being marketed or fattened for change which has been issued or drawn, or the proceeds market, or by bonds or notes of the United States; or of which have been used or are to be used in the first (2) The aggregate of obligations of the borrower dis- instance, in producing, purchasing, carrying, or marketing counted and offered for discount at the Federal reserve goods 1 in one or more of the steps of the process of pro- bank by the member bank is less than a sum equal to 10 duction, manufacture, or distribution, or for the purpose per cent of the paid-in capital of the member bank and is of carrying or trading in bonds or notes of the United less than $5,000. States, and the name of a party to such transaction must A Federal reserve bank shall use its discretion in taking appear upon it as maker, drawer, acceptor, or indorser. the steps necessary to satisfy itself as to eligibility. Com- (6) It must not be a note, draft, or bill of exchange the pliance of a note with Section II (c) may be evidenced by proceeds of which have been or are to be advanced or a statement of the borrower showing a reasonable excess of loaned to some other borrower, except as to paper de- quick assets over current liabilities. A Federal reserve scribed below under Sections VI (6) and VIII. bank may, in all cases, require the financial statement of (c) It must not be a note, draft, or bill of exchange the the borrower to be filed with it. proceeds of which have been used or are to be used for permanent or fixed investments of any kind, such as SECTION V. Drafts, bills of exchange, and trade acceptances. land, buildings, or machinery, or for any other capital purpose. (a) Definition.—A draft or bill of exchange, within the (d) It must not be a note, draft, or bill of exchange the meaning of this regulation, is defined as an unconditional proceeds of which have been used or are to be used for order in writing, addressed by one person to another, investments of a purely speculative character. signed by_ the person giving it, requiring the person to (e) It may be secured by the pledge of goods or collateral whom it is addressed to pay in the United States, at a of any nature, including paper which is ineligible for fixed or determinable future time, a sum certain in dollars discount, provided it (the note, draft, or bill of exchange) to the order of a specified person; and a trade acceptance is otherwise eligible. is defined as a draft or bill of exchange, drawn by the seller on the purchaser of goods sold,2 and accepted by SECTION III. Applications for discount. such purchaser. Every application for the discount of notes, drafts, or (b) Evidence of eligibility and requirement of state- bills of exchange must contain a certificate of the member ments.—A Federal reserve bank shall take such steps as bank, in form to be prescribed by the Federal reserve it deems necessary to satisfy itself as to the eligibility of bank, that, to the best of its knowledge and belief, such the draft, bill, or trade acceptance offered for discount notes, drafts, or bills of exchange have been issued or and may require a recent financial statement of one or drawn, or the proceeds thereof have been or are to be used, more parties to the instrument. The draft, bill, or trade for such a purpose as to render them eligible for discount acceptance should be drawn so as to evidence the character under the terms of this regulation, and, in the case of a of the underlying transaction, but if it is not so drawn member State bank or trust company, every application evidence of eligibility may consist of a stamp or certificate must contain a certificate or guaranty to the effect that affixed by the acceptor or drawer in a form satisfactory the borrower is not liable, and will not be permitted to to the Federal reserve bank. become liable during the time his paper is held by the Federal reserve bank, to such bank or trust company for SECTION VI. Agricultural paper. borrowed money in an amount greater than that which could be borrowed lawfully from such State bank or trust (a) Definition.—Agricultural paper, within the mean- company under the terms of section 5200 of the United ing of this regulation, is defined as a negotiable note, States Revised Statutes, as amended, were it a national draft, or bill of exchange issued or drawn, or the proceeds banking association. of which have been or are to be used, for agricultural SECTION IV. Promissory notes. purposes, including the production of agricultural products, the marketing of agricultural products by the (a) Definition.—A promissory note, within the meaning growers thereof, or the carrying of agricultural products of this regulation, is defined as an unconditional promise^ by the growers thereof pending orderly marketing, and in writing, signed by the maker, to pay, in the United the breeding, raising, fattening, or marketing of live States, at a fixed or determinable future time, a sum stock, and which has a maturity at the time of discount certain in dollars to order or to bearer. of not more than nine months, exclusive of days of grace. (b) Evidence of eligibility and requirement of state- (b) Paper of cooperative marketing associations.—Under ments.—A Federal reserve bank must be satisfied by the express terms of section 13a, notes, drafts, bills of reference to the note or otherwise that it is eligible for exchange, or acceptances issued or drawn by cooperative discount. The member bank shall certify in its applica- marketing associations composed of producers of agricul- tion whether the note offered for discount has been dis- tural products are deemed to have been issued or drawn counted for a depositor other than a bank or for a non- for an agricultural purpose, if the proceeds thereof have depositor and, if discounted for a bank, whether for a been or are to be— member or a nonmember bank. The member bank must (1) Advanced by such association to any members also certify whether a financial statement of the borrower thereof for an agricultural purpose, or is on file with it. 1 A consignment of goods or a conditional sale of goods can not be con- iWhen used in this regulation the word "goods" shall be con- sidered "goods sold" within the meaning of this clause. The purchase strued to include goods, wares, merchandise, or agricultural products, price of goods plus the cost of labor in effecting their installation may be including live stock. included in the amount for which the trade acceptance is drawn.

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(2) Used by such association in making payments to for payment within a reasonable time after notice of arrival any members thereof on account of agricultural products of such staples at their destination has been received. delivered by such members to the association, or In no event shall any such bill be held by or for the account (3) Used by such association to meet expenditures of a Federal reserve bank for a period in excess of 90 days. incurred or to be incurred by the association in connection In discounting such bills Federal reserve banks may with the grading, processing, packing, preparation for compute the interest to be deducted on the basis of the market, or marketing of any agricultural product handled estimated life of each bill and adjust the amount thus by such association for any of its members. deducted after payment of such bills to conform to the These are not the only "classes of paper of such associa- actual life thereof. tions which are eligible for discount, however, and any other paper of such associations which complies with the SECTION VIII. Factors' paper. applicable requirements of this regulation may be dis- Notes, drafts, and bills of exchange of factors issued as counted on' the same terms and conditions as the paper of such for the purpose of making advances exclusively to any other person or corporation. producers of staple agricultural products in their raw Paper of cooperative marketing associations the pro- state are eligible for discount with maturities not in excess ceeds of which have been or are to be used (1) to defray of 90 days, exclusive of days of grace, irrespective of the the expenses of organizing such associations, or (2) for requirements of Sections II (o) and II (b). the acquisition of warehouses, for the purchase or improve- ment of real estate, or for any other permanent or fixed ARTICLE B. BANKERS' ACCEPTANCES. investment of any kind, are not eligible for discount, even though such warehouses or other property are to be used SECTION IX. Definition. exclusively in connection with the ordinary operations A banker's acceptance within the meaning of this regu- of the association. lation is defined as a draft or bill of exchange, whether (c) Eligibility.—To be eligible for discount, agricultural payable in the United States or abroad and whether pay- paper, whether a note, draft, bill of exchange, or trade able in dollars or some other money, of which the acceptor acceptance, must comply with the respective sections of is a bank or trust company, or a firm, person, company, or this regulation which would apply to it if its maturity corporation engaged generally in the business of granting were 90 days or less. bankers' acceptance credits. (d) Discounts for Federal intermediate credit banks.— Any Federal reserve bank may discount agricultural SECTION X. Eligibility. paper for any Federal intermediate credit bank; but no A Federal reserve bank may discount any such bill Federal reserve bank shall discount for any Federal bearing the indorsement of a member bank and having a intermediate credit bank any such paper which bears maturity at the time of discount not greater than that pre- the indorsement of any nonmember State bank or trust scribed by Section XI (a), which has been drawn under a company which is eligible for membership in the Federal credit opened for the purpose of conducting or settling reserve system under the terms of section 9 of the Federal accounts resulting from a transaction or transactions in- reserve act as amended. In discounting such paper each volving any one of the following: Federal reserve bank shall give preference to the demands (1) The shipment of goods between the United of its own member banks and shall have due regard to the States and any foreign country, or between the probable future needs of its own member banks; and no United States and any of its dependencies or insular Federal reserve bank shall discount paper for any Federal possessions, or between foreign countries, or between intermediate credit bank when its own reserves amount dependencies or insular possessions and foreign to less than 50 per cent of its own aggregate liabilities for countries; deposits and Federal reserve notes in actual circulation. (2) The shipment of goods within the United States, The aggregate amount of paper discounted by all Federal provided shipping documents conveying security title reserve banks for any one Federal intermediate credit are attached at the time of acceptance; or bank shall at no time exceed an amount equal to the paid- (3) The storage of readily marketable staples,3 pro- up and unimpaired capital and surplus of such Federal vided that the bill is secured at the time of acceptance intermediate credit bank. by a warehouse, terminal, or other similar receipt, con- (e) Limitations.—The Federal Reserve Board prescribes veying security title to such staples, issued by a party no limitation on the aggregate amount of notes, drafts, independent of the customer, and provided further bills of exchange, and acceptances with maturities in that the acceptor remains secured throughout the life excess of three months, but not exceeding six months, of the acceptance. In the event that the goods must exclusive of days of grace, which may be discounted by be withdrawn from storage prior to the maturity of any Federal reserve bank; but the aggregate amount of the acceptance or the retirement of the credit, a trust notes, drafts, bills of exchange, and acceptances with receipt or other similar document covering the goods maturities in excess of six months, but not exceeding may be substituted in lieu of the original document, nine months, which may be discounted by any Federal provided that such substitution is conditioned upon a reserve bank shall not exceed 10 per cent of its total assets. reasonably prompt liquidation of the credit. In order to insure compliance with this condition it should be SECTION VII. Sight drafts secured by bills of lading. required, when the original document is released, A Federal reserve bank may discount for any of its either (a) that the proceeds of the goods will be applied member banks bills of exchange payable at sight or on within a specified time toward a liquidation of the demand which— acceptance credit or (6) that a new document, similar (a) Are drawn to finance the domestic shipment of non- to the original one, will be resubstituted within a perishable, readily marketable, staple agricultural prod- specified time. ucts, and Provided, that acceptances for any one customer in excess (6) Are secured by bills of lading or other shipping of 10 per cent of the capital and surplus of the accepting documents conveying or securing title to such staples. 3 A readily marketable staple within the meaning of these regulations All such bills of exchange shall be forwarded promptly may be denned as an article of commerce, agriculture, or industry of for collection, and demand for payment shall be made such uses as to make it the subject of constant dealings in ready markets with such frequent quotations of price as to make (a) the price easily and promptly, unless the drawer instructs that they be held definitely ascertainable and (i>) the staple itself easy to realize upon until arrival of car, in which event they must be presented by sale at any time.

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bank must remain actually secured throughout the life of eral Reserve Board, Federal reserve banks may purchase the acceptance, and in the case of the acceptances of mem- and sell in the open market, at home or abroad, from or to ber banks this security must consist of shipping documents, domestic or foreign banks, firms, corporations, or indi- warehouse receipts, or other such documents, or some other viduals, bills of exchange of the kinds and maturities actual security growing out of the same transaction as the made eligible by the act for discount and bankers' accept- acceptance, such as documentary drafts, trade acceptances, ances, with or without the indorsement of a member bank. terminal receipts, or trust receipts which have been issued under such circumstances, and which cover goods of such a SECTION II. General character of bills and acceptances character, as to insure at all times a continuance of an eligible. effective and lawful lien in favor of the accepting bank, other trust receipts not being considered such actual The Federal Reserve Board, exercising its statutory security if they permit the customer to have access to or right to regulate the purchase of bills of exchange and control over the goods. acceptances, prescribes that— A Federal reserve bank may also discount any bill drawn (a) Any banker's acceptance or bill of exchange which by a bank or banker in a foreign country or dependency or is eligible for discount under the terms of Regulation A is insular possession of the United States for the purpose of eligible for purchase by Federal reserve banks in the open furnishing dollar exchange as provided in Regulation C, market, with or without the indorsement of a member provided that it has a maturity at the time of discount of bank, if— not more than three months, exclusive of days of grace. (1) It has been accepted by the drawee prior to purchase; or SECTION XI. Maturities. (2) It is accompanied or secured by shipping docu- (a) Legal requirements.—No such acceptance is eligible ments or by warehouse, terminal, or other similar for discount which has a maturity at the time of discount receipts conveying security title; or in excess of 90 days' sight, exclusive of days of grace, (3) It bears a satisfactory bank indorsement; except that acceptances drawn for agricultural purposes (&) A banker's acceptance growing out of a transaction and secured at the time of acceptance by warehouse involving the importation or exportation of goods may be receipts or other such documents conveying or securing purchased if it has a maturity not in excess of six months, title covering readily marketable staples may be dis- exclusive of days of grace, provided that it conforms in counted with maturities at the time of discount of not other respects to the applicable requirements of Regula- more than six months' sight, exclusive of days of grace. tion A; and (b) General conditions as to maturity of domestic (c) A banker's acceptance growing out of a transaction acceptances.—Although a Federal reserve bank may involving the storage within the United States of goods legally discount an acceptance having a maturity at the actually under contract for sale and not yet delivered or time of discount not greater than that prescribed under (a), paid for may be purchased, provided that the acceptor is it may decline to discount any acceptance the maturity of secured by the pledge of such goods, and provided further, which is in excess of the usual or customary period of that the acceptance conforms in other respects to the appli- credit required to finance the underlying transaction or cable requirements of Regulation A. which is in excess of that period reasonably necessary to finance such transaction. Since the purpose of permitting SECTION III. Statements. the acceptance of drafts secured by warehouse receipts or other such documents is to permit of the temporary hold- A bill of exchange, unless indorsed by a member bank, ing of readily marketable staples in storage pending a is not eligible for purchase until a satisfactory statement reasonably prompt sale, shipment, or distribution, no has been furnished of the financial condition of one or more such acceptance should have a maturity in excess of the of the parties thereto. time ordinarily necessary to effect a reasonably prompt A banker's acceptance, unless accepted or indorsed by sale, shipment, or distribution into the process of manu- a member bank, is not eligible for purchase until the facture or consumption. acceptor has furnished a satisfactory statement of its financial condition in form to be approved by the Federal SECTION XII. Evidence of eligibility. reserve bank and has agreed in writing with a Federal reserve bank to inform it upon request concerning the A Federal reserve bank must be satisfied, either by transaction underlying the acceptance. reference to the acceptance itself, or otherwise, that the acceptance is eligible for discount under the terms of the law and the provisions of this regulation. The bill itself should be drawn so as to evidence the character of the REGULATION C, SERIES OF 1923. underlying transaction, but if it is not so drawn evidence of eligibility may consist of a stamp or certificate affixed (Superseding Regulation C of 1920.) by the acceptor in form satisfactory to the Federal reserve bank. ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF EXCHANGE.

REGULATION B, SERIES OF 1923. ARTICLE A. ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE (Superseding Regulation B of 1922 ) DRAWN AGAINST DOMESTIC OR FOREIGN SHIPMENTS OF GOODS OR SECURED BY WAREHOUSE RECEIPTS COVERING OPEN-MARKET PURCHASES OP BILLS OP EXCHANGE, READILY MARKETABLE STAPLES. TRADE ACCEPTANCES, AND BANKERS' ACCEPTANCES UNDER SECTION 14. SECTION I. Statutory provisions. SECTION I. General statutory provisions. Under the provisions of the sixth paragraph of section 13 Section 14 of the Federal reserve act provides that, of the Federal reserve act, as amended, any member bank under rules and regulations to be prescribed by the Fed- may accept drafts or bills of exchange drawn upon it

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having not more than six months' sight to run, exclusive to run, exclusive of days of grace, drawn, under regula- of days of grace, which grow out of transactions involving tions to be prescribed by the Federal Reserve Board, by the importation or exportation of goods; or which grow banks or bankers in foreign countries or dependencies or out of transactions involving the domestic shipment of insular possessions of the United States for the purpose of goods, provided shipping documents conveying or secur- furnishing dollar exchange as required by the usages of ing title are attached at the time of acceptance; or which trade in the respective countries, dependencies, or insular are secured at the time of acceptance by a warehouse possessions. receipt or other such document conveying or securing No member bank shall accept such drafts or bills of title covering readily marketable staples.1 This para- exchange for any one bank to an amount exceeding in the graph limits the amount which any bank shall accept for aggregate 10 per cent of the paid-up and unimpaired capi- any one person, company, firm, or corporation, whether tal and surplus of the accepting bank unless the draft or in a foreign or domestic transaction, to an amount not bill of exchange is accompanied by documents conveying exceeding at any time, in the aggregate, more than 10 or securing title or by some other adequate security. No per cent of its paid-up and unimpaired capital stock and member bank shall accept such drafts or bills in an amount surplus. This limit, however, does not apply in any case exceeding at any time in the aggregate one-half of its paid- where the accepting bank remains secured either by up and unimpaired capital and surplus. This 50 per cent attached documents or by some other actual security limit is separate and distinct from and not included in the growing out of the same transaction as the acceptance. limits placed upon the acceptance of drafts and bills of A trust receipt which permits the customer to have access exchange as described under Article A of this regulation. to or control over the goods will not be considered by Federal reserve banks to be "actual security" within the SECTION IV. Regulations. meaning of section 13. A bill of lading draft, however, is "actual security" even after the documents have been Any member bank desiring to accept drafts drawn by released, provided that the draft is accepted by the banks or bankers in foreign countries or dependencies or drawee upon or before the surrender of the documents. insular possessions of the United States for the purpose of The law also provides that any bank may accept such bills furnishing dollar exchange shall first make an application up to an amount not exceeding at any time, in the aggre- to the Federal Reserve Board setting forth the usages of gate, more than one-half of its paid-up and unimpaired trade in the respective countries, dependencies, or insular capital stock and surplus; or, with the approval of the possessions in which such banks or bankers are located. Federal Reserve Board, up to an amount not exceeding If the Federal Reserve Board should determine that the at any time, in the aggregate, more than 100 per cent of usages of trade in such countries, dependencies, or pos- its paid-up and unimpaired capital stock and surplus. sessions require the granting of the acceptance facilities . In no event, however, shall the aggregate amount of ac- applied for, it will notify the applying bank of its ap- ceptances growing out of domestic transactions exceed proval, and will also publish in the FEDERAL RESERVE 50 per cent of such capital stock and surplus. BULLETIN the name or names of those countries, depend- encies, or possessions in which banks or bankers are authorized to draw on member banks whose applications SECTION II. Regulations. have been approved for the purpose of furnishing dollar 1. Under the provisions of the law referred to above exchange. the Federal Reserve Board has determined that any The Federal Reserve Board reserves the right to modify member bank having an unimpaired surplus equal to at or on 90 days' notice to revoke its approval either as to least 20 per cent of its paid-up capital which desires to any particular member bank or as to any foreign country accept drafts or bills of exchange drawn for the purposes or dependency or insular possession of the United States described above, up to an amount not exceeding at any in which it has authorized banks or bankers to draw on time, in the aggregate, 100 per cent of its paid-up and un- member banks for the purpose of furnishing dollar impaired capital stock and surplus, may file an applica- exchange. tion for that purpose with the Federal Reserve Board. Such application must be forwarded through the Federal REGULATION D, SERIES OF 1923. reserve bank of the district in which the applying bank is located. (Superseding regulation D of 1920.) 2. The Federal reserve bank shall report to the Federal Reserve Board upon the standing of the applying bank, TIME DEPOSITS AND SAVINGS ACCOUNTS. stating whether the business and banking conditions pre- vailing in its district warrant the granting of such appli- SECTION I. Statutory provisions. cation. 3. The approval of any such application may be res- Section 19 of the Federal reserve act provides, in part, cinded upon 90 days' notice to the bank affected. as follows: Demand deposits within the meaning of this act shall comprise all deposits payable within 30 days, and time deposits shall comprise all ARTICLE B. ACCEPTANCE OF DRAFTS OR BILLS OF EXCHANGE deposits payable after 30 days, all savings accounts and certificates of DRAWN FOR THE PURPOSE OF CREATING DOLLAR EX- deposit which are subject to not less than 30 days' notice before pay- CHANGE. ment, and all postal savings deposits.

SECTION III. Statutory provisions. SECTION II. Time deposits, open accounts. Section 13 of the Federal reserve act also provides that The term "time deposits, open accounts," shall be held any member bank may accept drafts or bills of exchange to include all accounts, not evidenced by certificates of deposit or savings pass books, in respect to which a written drawn upon it having not more than three months' sight contract is entered into with the depositor at th»time the 1 A readily marketable staple within the meaning of these regulations deposit is made that neither the whole nor any part of such may be defined as an article of commerce, agriculture, or industry of such deposit may be withdrawn by check or otherwise, except uses as to make it the subject of constant dealings in ready markets with on a given date or on written notice which must be given such frequent quotations of price as to make (a) the price easily and defi- nitely ascertainable and (6) the staple itself easy to realize upon by sale by the depositor a certain specified number of days in at any time. advance, in no case less than 30 days.

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SECTION III. Savings accounts. transportation facilities, etc.: Provided, That evidence is submitted showing that the income from such utilities is The term "savings accounts" shall be held to include sufficient for maintenance, for payment of interest on such those accounts of the bank in respect to which, by its bonds, and for the accumulation of a sinking fund suffi- printed regulations, accepted by the depositor at the time cient for their redemption at maturity; the account is opened—- (3) The amount of outstanding improvement bonds, (a) The pass book, certificate, or other similar form of issued under laws which provide for the levying of special receipt must be presented to the bank whenever a deposit assessments against abutting property in amounts sufficient or withdrawal is made, and to insure the payment of interest on the bonds and the (b) The depositor may at any time be required by the redemption thereof at maturity: Provided, That such bonds bank to give notice of an intended withdrawal not less are direct obligations of the municipality and included than 30 days before a withdrawal is made. in the gross indebtedness of the municipality; and (4) The total of all sinking funds accumulated for the SECTION IV. Time certificates of deposit. redemption of the gross indebtedness of the municipality, except sinking funds applicable to bonds described in (1), A "time certificate of deposit" is defined as an instru- (2), and (3) above. ment evidencing the deposit with a bank, either with or without interest, of a certain sum specified on the face of SECTION III. Class of warrants eligible for purchase. the certificate payable in whole or in part to the depositor or on his order— Any Federal reserve bank may purchase warrants issued (a) On a certain date, specified on the certificate, not by a. municipality in anticipation of the collection of taxes less than 30 days after the date of the deposit, or or in anticipation of the receipt of assured revenues, (b) After the lapse of a certain specified time subse- provided— quent to the date of the certificate, in no case less than 30 (a) They are the general obligations of the entire days, or municipality; it being intended to exclude as ineligible (c) Upon written notice, which the bank may at its for purchase all such obligations as are payable from option require to be given a certain specified number of "local benefit" and "special assessment" taxes when days, not less than 30 days, before the date of repayment, the municipality at large is not directly or ultimately and liable; (d) In all cases only upon presentation of the certificate (6) They are issued in anticipation of taxes or revenues at each withdrawal for proper indorsement or surrender. which are due and payable on or before the date of ma- turity of such warrants; but the Federal Reserve Board may waive this condition in specific cases. For the purposes of this regulation, taxes shall be considered REGULATION E, SERIES OP 1923. as due and payable on the last day on which they may (Superseding regulation E of 1920.) be paid without penalty; (c) They are issued by a municipality— PURCHASE OF WARRANTS. (1) Which has been in existence for a period of 10 years; SECTION I. Statutory requirements. (2) Which for a period of 10 years previous to the purchase has not defaulted for longer than 15 days Section 14 of the Federal reserve act reads in part as in the payment of any part of either principal or follows: interest of any funded debt authorized to be con- Every Federal reserve bank shall have power- tracted by it; ed) To buy and sell, at home or abroad, bonds and notes of the United States, and bills, notes, revenue bonds, and warrants with a maturity (3) Whose net funded indebtedness does not ex- from date of purchase of not exceeding six months, issued in anticipa- ceed 10 per centum of the valuation of its taxable tion of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or munici- property, to be ascertained by the last preceding pality in the continental United States, including irrigation, drainage, valuation of property for the assessment of taxes. and reclamation districts, such purchases to be made in accordance with rules and regulations prescribed by the Federal Reserve Board. SECTION IV. "Existence" and "nondefault." SECTION II. Definitions. Warrants will be construed to comply with that part of Section III (c) relative to term of existence and non- Within the meaning of this regulation— default, under the following conditions: The term "warrant" shall be construed to mean "bills, (1) Warrants issued by or in behalf of any municipality notes, revenue bonds, and warrants with a maturity from which was, subsequent to the issuance of such warrants, date of purchase of not exceeding six months." consolidated with or merged into an existing political The term "municipality" shall be construed to mean division which meets the requirements of these regula- " State, county, district, political subdivision, or munici- tions, will be deemed to be the warrants of such political pality in the continental United States, including irriga- division: Provided, That such warrants were assumed tion, drainage, and reclamation districts." by such political division under statutes and appropriate The term " net funded indebtedness" shall be construed proceedings the effect of which is to make such warrants to mean the legal gross indebtedness of the municipality general obligations of such assuming political division (including the amount of any school district or other bonds and payable, either directly or ultimately, without which depend for their redemption upon taxes levied limitation to a special fund from the proceeds of taxes upon property within the municipality) less the aggre- levied upon all the taxable real and personal property gate of the following items: within its territorial limits. (1) The amount of outstanding bonds or other debt (2) Warrants issued by or in behalf of any municipality obligations made payable from current revenues; which was, subsequent to the issuance of such warrants, (2) The amount of outstanding bonds issued for the pur- wholly succeeded by a newly organized political division pose of providing the inhabitants of a municipality with whose term of existence, added to that of such original public utilities, such as waterworks, docks, electric plants, political division or of any other political division so

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succeeded, is equal to a period of 10 years will be deemed SECTION VII. Opinion of counsel. to be warrants of such succeeding political division: Provided, That during such period none of such political Opinion of recognized counsel on municipal issues or divisions shall have defaulted for a period exceeding 15 of the regularly appointed counsel of the municipality days in the payment of any part of either principal or as to the legality of the issue shall be secured and ap- interest of any funded debt authorized to be contracted by proved in each case by counsel for the Federal reserve it: And provided further, That such warrants were assumed bank. by such new political division under statutes and appro- priate proceedings the effect of which is to make such warrants general obligations of such assuming political REGULATION F, SERIES OF 1923. division and payable, either directly or ultimately, with- out limitation to a special fund, from the proceeds of taxes (Superseding Regulation F of 1920.) levied upon all the taxable real and personal property within its territorial limits. TRUST POWERS OP NATIONAL BANKS. (3) Warrants issued by or in behalf of any municipality which, prior to such issuance, became the successor of one SECTION I. Statutory provisions. or more, or was formed by the consolidation or merger of two or more, preexisting political divisions, the term of The Federal reserve act, as amended by the act of Sep- existence of one or more of which, added to that of such tember 26, 1918, provides in part: succeeding or consolidated political division, is equal to a SEC. 11. The Federal Reserve Board shall be authorized and empow- period of 10 years, will be deemed to be warrants of a ered: political division which has been in existence for a period (k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, of 10 years: Provided, That during such period none of such executor, administrator, registrar of stocks and bonds, guardian of original, succeeding, or consolidated political divisions estates, assignee, receiver, committee of estates of lunatics, or in any other shall have defaulted for a period exceeding 15 days in the fiduciary capacity in which State banks, trust companies, or other cor- porations which come into competition with national banks are per- payment of any part of either principal or interest of any mitted to act under the laws of the State in which the national bank funded debt authorized to be contracted by it. is located. Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or SECTION V. Limitations. other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed (a) Except with the approval of the Federal Reserve to be in contravention of State or local law within the meaning of this Board, no Federal reserve bank shall purchase and hold act. National banks exercising any or all of the powers enumerated in this an amount in excess of 25 per cent of the total amount subsection shall segregate all assets held in any fiduciary capacity from of warrants outstanding at any time and issued in con- the general assets of the bank and shall keep a separate set of books formity with provisions of section 14 (6), above quoted, and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open and actually sold by a municipality. to inspection by the State authorities to the same extent as the books (6) Except with the approval of the Federal Reserve and records of corporations organised under State law which exercise Board, the aggregate amount invested by any Federal fiduciary powers, but nothing in this act shall be construed as authorizing the State authorities to examine the books, records, and assets of the reserve bank in warrants of all kinds shall not exceed national bank which are not held in trust under authority of this sub- at the time of purchase a sum equal to 10 per cent of the section. deposits kept by its member banks with such Federal No national bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of reserve bank. exchange, or other items for collection or exchange purposes. Funds (c) Except with the approval of the Federal Reserve deposited or held in trust by the bank awaiting investment shall be Board, the maximum amount which may be invested at carried in a separate account and shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust depart- the time of purchase by any Federal Reserve bank in ment United States bonds or other securities approved by the Federal warrants of any single municipality shall be limited to Reserve Board. the following percentages of the deposits kept in such In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities Federal reserve bank by its member banks: so set apart in addition to their claim against the estate of the bank. Five per cent of such deposits in warrants of a munici- Whenever the laws of a State require corporations acting in a fiduciary pality of 50,000 population or over. capacity to deposit securities with the State authorities for the protec- tion of private or court trusts, national banks so acting shall be required Three per cent of such deposits in warrants of a munici- to make similar deposits, and securities so deposited shall be held for the pality of over 30,000 population, but less than 50,000. protection of private or court trusts, as provided by the State law. One per cent of such deposits in warrants of a munici- National banks in such cases shall not be required to execute the bond usually required of individuals if State corporations under similar cir- pality of over 10,000 population, but less than 30,000. cumstances are exempt from this requirement. (d) Any Federal reserve bank may purchase from any National banks shall have power to execute such bond when so of its member banks warrants of any municipality, in- required by the laws of the State. In any case in which the laws of a State require that a corporation dorsed by such member bank, with waiver of demand, acting as trustee, executor, administrator, or in any capacity specified notice, and protest if such warrants comply with Sections in this section shall take an oath or make an affidavit, the president, HI and V (b) of these regulations, except that where a vice president, cashier, or trust officer of such national bank may take period of 10 years is mentioned in Section III (c) hereof a the necessary oath or execute the necessary affidavit. It shall be unlawful for any national banking association to lend any period of 5 years shall be substituted for the purposes officer, director, or employee any funds held in trust under the powers of this clause. conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more than five years, or may be both finedan d SECTION VI. Warrants of small municipalities. imprisoned, in the discretion of the court. In passing upon applications for permission to exercise the powers Warrants of a municipality of 10,000 population or less enumerated in this subsection, the Federal Reserve Board may take shall be purchased only with the special approval of the into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the Federal Reserve Board. circumstances of the case, the needs of the community to be served, The population of a municipality shall be determined and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly: Provided, That no permit by the last Federal or State census. Where it can not be shall be issued to any national banking association having a capital exactly determined the Federal Reserve Board will make and surplus less than the capital and surplus required by State law of special rulings. State banks, trust companies, and corporations exercising such powers.

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SECTION II. Applications. under an order of that court, and copies of all such orders shall be filed and preserved with the records of the trust A national bank desiring to exercise any and all of the department of the bank. If the court by general order powers authorized by section 11 (k) of the Federal reserve vests a discretion in the national bank to invest funds held act, as amended by the act of September 26, 1918, shall in trust, or if under the laws of the State in which the. make application to the Federal Reserve Board, on a bank is located corporate fiduciaries appointed by the form approved by said board, for a special permit author- court are permitted to exercise such discretion, the national izing it to exercise such powers. In the case of an original bank so appointed may invest such funds in any securities application—that is, where the applying bank has never in which corporate or individual fiduciaries in the State in been granted the right to exercise any of the powers which the bank is located may lawfully invest. authorized by section 11 (k)—the application should be made on F. R. B. Form 61. In the case of a supplemental SECTION VII. Boohs and accounts. application—that is, where the applying bank has already been granted the right to exercise one or more of the powers All books and records of the trust department shall be authorized by section 11 (k)—the application should be kept separate and distinct from other books and records made on F. R. B. Form 61-b. Both forms are made a part of the bank. All accounts opened shall be so kept as to of this regulation and may be obtained from the Federal enable the national bank at any time to furnish informa- Reserve Board or any Federal reserve bank. tion or reports required by the Federal or State authori- ties, and such books and records shall be open to the inspec- SECTION III. Separate departments. tion of such authorities. Every national bank permitted to act under this section SECTION VIII. Examinations. shall establish a separate trust department, and shall Examiners appointed by the Comptroller of the Cur- place such department under the management of an officer rency or designated by the Federal Reserve Board will be or officers, whose duties shall be prescribed by the board instructed to make thorough and complete audits of the of directors of the bank. cash, securities, accounts, and investments of the trust department of the bank at the same time that examination SECTION IV. Custody of trust securities and investments. is made of the banking department. The securities and investments held in each trust shall SECTION IX. Conformity with State laws. be kept separate and distinct from the securities owned by the bank and separate and distinct one from another. Nothing in these regulations shall be construed to give Trust securities and investments shall be placed in the a national bank exercising the powers permitted under joint custody of two or more officers or other employees the provisions of section 11 (k) of the Federal reserve designated by the board of directors of the bank and all act as amended any rights or privileges in contraven- such officers and employees shall be bonded. tion of the laws of the State in which the bank is located within the meaning of that act. SECTION V. Deposit of funds awaiting investment or dis- tribution. SECTION X. Revocation of permits. Funds received or held in the trust department of a The Federal Reserve Board reserves the right to revoke national bank awaiting investment or distribution may be permits granted under the provisions of section 11 (k), as deposited in the commercial department of the bank to amended, in any case where in the opinion of the board a the credit of the trust department, provided that the bank bank has willfully violated the provisions of the Federal first delivers to the trust department, as collateral security, reserve act or of these regulations or the laws of any State United States bonds or other readily marketable securi- relating to the operations of such bank when acting in any ties owned by the bank, which collateral security shall of the capacities permitted under the provisions of sec- at all times be at least equal in market value to the amount tion 11 (k), as amended. of the funds so deposited. SECTION XI. Changes in regulations. SECTION VI. Investment of trust funds. These regulations are,subject to change by the Federal Reserve Board; provided, however, that no such change (a) Private trusts.—Funds held in trust must be invested shall prejudice any obligation undertaken in good faith in strict accordance with the terms of the will, deed, or under regulations in effect at the time the obligation was other instrument creating the trust. Where the instru- assumed. ment creating the.trust contains provisions authorizing the bank, its officers, or its directors to exercise their dis- cretion in the matter of investments, funds held in trust REGULATION G, SERIES OF 1923. may be invested only in those classes of securities which are approved by the directors of the bank. Where the (Superseding Regulation G of 1920.) instrument creating the trust does not specify the character or class of investments to be made and does not expressly LOANS ON FARM LAND AND OTHER REAL ESTATE. vest in the bank, its officers, or its directors a discretion in the matter of investments, funds held in trust shall be Section 24 of the Federal reserve act provides in part invested in any securities in which corporate or individual that— fiduciaries in the State in which the bank is located may Any national banking association not situated in a central reserve city lawfully invest. may make loans secured by improved and unencumbered farm land situated within its Federal reserve district or within a radius of one (6) Court trusts.—Except as hereinafter provided, a hundred miles of the place in which such bank is located, irrespective national bank acting as executor, administrator, or in any of district lines, and may also make loans secured by improved and un- encumbered real estate located within one hundred miles of the place other fiduciary capacity, under appointment by a court in which such bank is located, irrespective of district lines; but no loan of competent jurisdiction, shall make all investments made upon the security of such farm land shall be made for a longer

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time than five years, and no loan made upon the security of such real certifying in detail as of the date of the loan that all of the estate as distinguished from farm land shall be made for a longer time than one year nor shall the amount of any such loan, whether upon such requirements of law have been duly observed. farm land or upon such real estate, exceed fifty per centum of the actual value of the property offered assecurity. Any such bank may make such loans, whether secured by such farm land or such real estate, in an aggregate sum equal to twenty-five per centum of its capital and surplus REGULATION H, SERIES OF 1923. or to one-third of its time deposits and such banks may continue here- after as heretofore to receive time deposits and to pay interest on the same. (Superseding Regulation H of 1920.) National banks not located in central reserve cities may, MEMBERSHIP or STATE BANKS AND TRUST COMPANIES. therefore, legally make loans secured by improved and unencumbered farm land or other real estate as provided SECTION I. Banks eligible for membership. by this section. 1. Incorporation.—In order to be eligible for membership Certain conditions and restrictions must, however, be in a Federal reserve bank, a State bank or trust company observed— must have been incorporated under a special or general (a) There must be no prior lien on the land; that is, the law of the State or district in which it is located. lending bank must hold an absolute first mortgage or deed 2. Capital stock.—Under the terms of section 9 of the of trust. Federal reserve act, as amended, no applying bank can be (6) The amount of the loan must not exceed 50 per cent admitted to membership in a Federal reserve bank of the actual value of the land by which it is secured. unless— (c) The maximum amount of loans which a national (a) It possesses a paid-up unimpaired capital sufficient bank may make on real estate, whether on farm land or to entitle it to become a national banking association in on other real estate as distinguished from farm land, is the place where it is situated, under the provisions of limited under the terms of the act to an amount not in the national bank act, or excess of one-third of its time deposits at the time of the (b) It possesses a paid-up unimpaired capital of at least making of the loan, and not in excess of one-third of its 60 per cent of such amount, and, under penalty of loss average time deposits during the preceding calendar of membership, complies with the rules and regulations year: Provided, however, That if one-third of such time herein prescribed by the Federal Reserve Board fixing the deposits as of the date of making the loan or one-third of time within which and the method by which the unim- the average time deposits for the preceding calendar year, paired capital of such bank shall be increased out of net is less than one-fourth of the capital and surplus of the income to equal the capital required under (a). bank as of the date of making the loan, the bank in such In order to become a member of the Federal reserve event shall have authority to make loans upon real estate system, therefore, any State bank or trust company must under the terms of the act to the extent of one-fourth of have a minimum paid-up capital stock at the time it the bank's capital and surplus as of that date. becomes a member, as follows: (d) Farm land to be eligible as security for a loan by a national bank must be situated within the Federal reserve district in which such bank is located or within a radius Minimum Minimum of 100 miles of such bank irrespective of district lines. If located in a city or town with a capital if capital if population of— admitted admitted (e) Real estate as distinguished from farm land to be under under eligible as security for a loan by a national bank must be clause (a). clause (b). located within a radius of 100 miles of such bank irre- spective of district lines. Not exceeding 3,000 inhabitants $25,000 $15,000 (/) The right of a national bank to "make loans" under Exceeding 3,000 but not exceeding 6,000 in- section 24 includes the right to purchase or discount loans habitants 50,000 30,000 I Exceeding 6,000 but not exceeding 50,000 in- already made as well as the right to make such loans in habitants 100,000 60,000 the first instance: Provided, however, That no loan secured Exceeding 50,000 inhabitants 200,000 120,000 by farm land shall have a maturity of more than five years from the date on which it was purchased or made by the national bank and that no loan secured by other real Any bank admitted to membership under clause (6) estate shall have a maturity of more than one year from must also, as a condition of membership, the violation of such date. which will subject it to expulsion from the Federal reserve (g) Though no national bank is authorized under the system, increase its paid-up and unimpaired capital with- provisions of section 24 to make a loan on the security of in five years after the approval of its application by the real estate, other than farm land, for a period exceeding Federal Reserve Board to the amount required under (a). one year, nevertheless, at the end of the year, the matur- For the purpose of providing for such increase, every such ing note may be renewed or extended for another year, and bank shall set aside each year in a fund exclusively in order to obviate the necessity of making a new mortgage applicable to such capital increase not less than 50 per or deed of trust for each renewal the original mortgage or cent of its net earnings for the preceding year prior to the deed of trust may be so drawn in the first instance as to payment of dividends, and if such net earnings exceed 12 cover possible future renewals of the original note. Under per cent of the paid-up capital of such bank, then all net no circumstances, however, must the bank obligate itself earnings in excess of 6 per cent of the paid-up capital shall in advance to make such a renewal. It must in all cases be carried to such fund, until such fund is large enough preserve the right to require payment at the end of the to provide for the necessary increase in capital. Whenever year and to foreclose the mortgage should that action such fund shall be large enough to provide for the necessary become necessary. The same principles apply to loans increase in capital, or at such other time as the Federal of longer maturities secured by farm lands. Reserve Board may require, such fund or as much thereof (h) In order that real estate loans held by a bank may as may be necessary shall be converted into capital by a be readily classified, a statement signed by the officers stock dividend or used in any other manner permitted by making a loan and having knowledge of the facts upon State law to increase the capital of such bank to the which it is based must be attached to each note secured by amount required under (a): Provided, however, That such a first mortgage on the land by which the loan is secured, bank may be excused in whole or in part from compliance-

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with the terms of this paragraph if it increases its capital 3. Shall enjoy all the privileges and observe all those through the sale of additional stock: Provided further, requirements of the Federal reserve act and of the regu- That nothing herein contained shall be construed as lations of the Federal Reserve Board made in conformity requiring any such bank to violate any provision of State therewith which are applicable to State banks and trust law, and in any case in which the requirements of this companies which have become member banks; and paragraph are inconsistent with the requirements of State 4. Shall comply at all times with any and all conditions law the requirements of this paragraph may be waived of membership prescribed by the Federal Reserve Board, and the subject covered by a special condition of member- at the time of the admission of such member bank to the ship to be prescribed by the Federal Reserve Board. Federal reserve system.

SECTION II. Application for membership. SECTION V. Examinations and reports. Any eligible State bank or trust company may make Every State bank or trust company, while a member of application, on F. R. B. Form 83a, made a part of this the Federal reserve system, shall be subject to examina- regulation, to the Federal Reserve Board for an amount tions made by direction of the Federal Reserve Board or of capital stock in the Federal reserve bank of its district of the Federal reserve bank by examiners selected or ap- equal to 6 per cent of the paid-up capital stock and surplus proved by the Federal Reserve Board. of such State bank or trust company. This application In order to avoid duplication, examinations of State must be forwarded direct to the Federal reserve agent of banks and trust companies made by State authorities will the district in which the applying bank or trust company be accepted in lieu of examinations by examiners selected is located and must be accompanied by Exhibits I, II, or approved by the board wherever these are satisfactory and III, referred to on page 1 of the application blank. to the directors of the Federal reserve bank, and examin- ers from the staff of the board or of the Federal reserve SECTION III. Approval of application. banks will, whenever desirable, be designated by the board to act with the examination staff of the State in In passing upon an application the Federal Reserve order that uniformity in the standard of examination may Board will consider especially— be assured. 1. The financial condition of the applying bank or Every State bank or trust company, while a member of trust company and the general character of its manage- the Federal reserve system, shall be required to make in ment; each year not less than three reports of condition on 2. Whether the corporate powers exercised by the F. R. B. Form 105. Such reports shall be made to the applying bank or trust company are consistent with the Federal reserve bank of its district on call of such bank, on purposes of the Federal reserve act; and dates to be fixed by the Federal Reserve Board. They 3. Whether the laws of the State or district in which the shall also make semiannual reports of earnings and divi- applying bank or trust company is located contain pro- dends on F. R. B. Form 107. As dividends may be de- visions likely to prevent proper compliance with the clared from time to time, each State bank or trust company provisions of the Federal reserve act and the regulations member shall also furnish to the Federal reserve bank of of the Federal Reserve Board made in conformity there- its district a special notification of dividend declared on with. F. R. B. Form 107a. F. R. B. Forms 105, 107, and 107a If, in the judgment of the Federal Reserve Board, an are made a part of this regulation. applying bank or trust company conforms to all the requirements of the Federal reserve act and these regula- tions, and is otherwise qualified for membership, the board will issue a certificate of approval subject to such REGULATION I, SERIES OF 1923. conditions as it may deem necessary to insure com- (Superseding Regulation I of 1920). pliance with the act and these regulations. When the conditions imposed by the board have been accepted by INCREASE OR DECREASE OP CAPITAL STOCK OF FEDERAL the applying bank or trust company the board will issue RESERVE BANKS AND CANCELLATION OP OLD AND a certificate of approval, whereupon the applying bank ISSUE OF NEW STOCK CERTIFICATES. or trust company shall make a payment to the Federal reserve bank of its district of one-half of the amount of SECTION I. Increase of capital stock. its subscription, i. e., 3 per cent of the amount of its paid-up capital and surplus, and upon receipt of this (a) New national banks.—Each new national bank, while in process of organization (including each nonmember payment the appropriate certificate of stock will be 1 issued by the Federal reserve bank. The remaining State bank converting into a national bank, while in half of its subscription shall be subject to call when process of such conversion) shall file with the Federal deemed necessary by the Federal Reserve Board. reserve bank of its district an application to the Federal Reserve Board on F. R. B. Form 30 (or as to a nonmember State bank converting into a national bank, on F. R. B. SECTION IV. Powers and restrictions. Form 30a), made a part of this regulation, for an amount Every State bank or trust company while a member of capital stock of the Federal reserve bank of its district of the Federal reserve system— equal to 6 per cent of the paid-up capital stock and sur- 1. Shall retain its full charter and statutory rights as Whenever any State member bank is converted into a nations a State bank or trust company, subject to the provisions bank under section 5154 of the Revised Statutes, as amended by section of the Federal reserve act and to the regulations of the 8 of the Federal reserve act, it may continue to hold as a national bank Federal Reserve Board; its shares of Federal reserve bank stock previously held as a State bank, and need not file any application for Federal reserve bank stock, unless 2. Shall maintain such improvements and changes in the aggregate amount of its capital and surplus is increased, in which its banking practice as may have been specifically event it should file an application for additional stock, as provided in Section I (c). The certificate of stock issued in the old name of the mem- required of it by the Federal Reserve Board as a condi- ber bank, however, should be surrendered and canceled, and a new tion of its admission and shall not lower the standard of certificate should be issued in lieu thereof, in the new name of the member banking then required of it; bank, as provided in Section III.

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plus of such new national bank. Such application shall consolidated bank having an aggregate capital and surplus be forwarded promptly to the Federal Reserve Board, and in excess of the aggregate capital and surplus of the con- if it is found to be in proper form the Federal Reserve solidating member banks, such consolidated bank shall Board will grant its approval effective if and when the file an application for additional stock, as provided in Sec- Comptroller of the Currency issues to such bank his cer- tion I (c). tificate of authority to commence business. If its appli- (e) Certifying increases of Federal reserve bank stock.— cation is approved, the applying bank shall thereupon Whenever the capital stock of any Federal reserve bank make a payment to the Federal reserve bank of its dis- shall be increased the board of directors of such Federal trict of one-half of the amount of its subscription, i. e., reserve bank shall certify such increase to the Comptroller 3 per cent of the amount of its paid-up capital and surplus; of the Currency on F. R. B. Form 58, which is made a part and upon receipt of this payment the Federal reserve of this regulation. Such certifications shall be made bank will issue a receipt therefor, place the amount in a quarterly as of the last days of December, March, June, suspense account, and notify the Federal Reserve Board and September of each year. A duplicate copy of each that it has been received. When the Comptroller of the certificate shall be forwarded to the Federal Reserve Currency issues to such applying bank his certificate of Board. authority to commence business the Federal reserve bank SECTION II. Decrease of capital stock. shall issue a stock certificate to the applying bank, and the capital stock of the Federal reserve bank represented (a) Reduction of capital by member bank.—Whenever by such certificate shall be considered as issued as of the a member bank reduces the amount of its paid-up capital date upon which the Comptroller of the Currency issues stock and, in the case of reduction of the paid-up capital his certificate of authority to commence business. The of a national bank, such reduction has been approved by remaining half of the subscription of the applying bank the Comptroller of the Currency and by the Federal Re- shall be subject to call when deemed necessary by the serve Board in accordance with the provisions of section Federal Reserve Board. 28 of the Federal reserve act, it shall file with the Federal (b) State banks becoming members.—Any State bank reserve bank of which it is a member an application for or trust company desiring to become a member of the the surrender and cancellation of stock on F. R. B. Form Federal reserve system shall make application as provided 60, which is made a part of this regulation. When this in Regulation H, and when such application has been application has been approved by the Federal reserve approved by the Federal Reserve Board and all require- agent and the Federal Reserve Board, the Federal reserve ments of Regulation H have been complied with the bank shall accept and cancel the stock which the applying Federal reserve bank shall issue an appropriate certi- bank is entitled to surrender and shall refund to the ficate of stock as provided in Regulation H. member bank the proportionate amount due such bank on (o) Increase of capital or surplus by member banks.— account of the stock canceled. Whenever any member bank shall increase the aggregate (b) Insolvency of member bank.—Whenever a member amount of its paid-up capital stock and surplus, it shall bank shall be declared insolvent and a receiver appointed file with the Federal reserve bank of which it is a member by the proper authorities, such receiver shall, within six an application on F. R. B. Form 56, made a part of this months from the date of his appointment, file with the regulation, for an additional amount of the capital stock Federal reserve bank of which the insolvent bank is a of the Federal reserve bank of its district equal to 6 per member an application on F. R. B. Form 87, which is made cent of such increase. After such application has been a part of this regulation, for the surrender and cancellation approved by the Federal reserve agent and by the Federal of the stock held by such insolvent member bank, and for Reserve Board, the applying member bank shall pay to the refund of all balances due to it. If the receiver shall the Federal reserve bank of its district one-half of the fail to make such application within the time specified, the amount of its additional subscription, and when this Federal reserve agent shall report the facts to the Federal amount has been paid the appropriate certificate of stock Reserve Board with a recommendation as to the action to shall be issued by the Federal reserve bank. The remain- be taken, whereupon the Federal Reserve Board will either ing half of such additional subscription shall be subject to issue an order to cancel such stock or, if the circumstances call when deemed necessary by the Federal Reserve warrant it, grant the receiver additional time in which to Board. file such an application. Upon approval of such an appli- (d) Consolidation of member banks.—Whenever two or cation by the Federal reserve agent and the Federal Re- more member banks consolidate and such consolidation serve Board, or upon the issuance of such an order by the results in the consolidated bank acquiring by operation of Federal Reserve Board, the Federal reserve bank shall law 2 the Federal reserve bank stock owned by the other cancel such stock and shall adjust accounts between the consolidating bank or banks, and which also results in the member bank and the Federal reserve bank by applying to any indebtedness of the insolvent member bank to such • Section 5 of the Federal reserve act provides that "Shares of the Federal reserve bank all cash-paid subscriptions made by capital stock of Federal reserve banks owned by member banks shall it on the stock canceled with one-half of 1 per cent per not be transferred or hypothecated." This provision prevents a transfer month from the period of last dividend, if earned, not to of Federal reserve bank stock by purchase, but does not prevent a trans- fer by operation of law. When there is a merger of member banks exceed the book value thereof, and the balance, if any, involving the liquidation of one of such banks and the purchasing of the shall be paid to the duly authorized receiver of such in- assets of the liquidating bank by the bank continuing in existence, it is solvent member bank. necessary for the liquidating bank to surrender its Federal reserve bank stock and for the purchasing bank to apply for new stock. On the (c) Voluntary liquidation of member bank.—Whenever other hand, if member banks consolidate, under a statute which does a member bank goes into voluntary liquidation and a not require the liquidation of any of the consolidating banks, and the liquidating agent is appointed, such agent shall, within assets and obligations of the consolidating banks are transferred to the consolidated bank by operation of law, the consolidated bank becomes six months from the date of his appointment, file with the the owner of the Federal reserve bank stock of the consolidating banks Federal reserve bank of which the liquidating bank is a as soon as the consolidation takes effect and such stock technically need member an application on F. R. B. Form 86, if a national not be surrendered. The certificates of stock issued in the names of the consolidating banks, however, should be surrendered and canceled, and bank, and on F. R. B. Form 143, if a State bank, which a new certificate should be issued in lieu thereof, in the new name of the forms are made a part of this regulation, for the surrender consolidated bank, as provided in Section III. A consolidation of and cancellation of the stock held by it and for the refund national banks under the act of Congress entitled "An act to provide for the consolidation of national banking associations," approved Novem- of all balances due to such liquidating member bank. If ber 7,1918, meets all of these conditions. the liquidating agent shall fail to make such application

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within the time specified, the Federal reserve agent shall regulation, the new certificate shall be for the number of report the facts to the Federal Reserve Board with a recom- shares represented by the surrendered certificate less the mendation as to the action to be taken, whereupon the number of shares canceled pursuant to such application. Federal Reserve Board will either issue an order to cancel All cases where certificates of stock are surrendered and such stock, or, if the circumstances warrant it, grant the new certificates issued in lieu thereof and in a different liquidating agent additional time in which to file such an name shall be reported to the Federal Reserve Board by application. Upon approval of such an application by the the Federal reserve agent. Federal reserve agent and the Federal Reserve Board, or upon the issuance of such an order by the Federal Reserve Board, the Federal reserve bank shall cancel such stock and shall adjust accounts between the liquidating member REGULATION J, SERIES OF 1923. bank and the Federal reserve bank by applying to the (Effective August 15,1923. Superseding Regulation J of 1920.) indebtedness of the liquidating member bank to such Federal reserve bank all cash-paid subscriptions made by CHECK CLEARING AND COLLECTION. it on the stock canceled with one-half of 1 per cent per month from the period of last dividend, if earned, not to SECTION I. Statutory provisions. exceed the book value thereof, and the balance, if any, Section 16 of the Federal reserve act authorizes the shall be paid to the duly authorized liquidating agent of Federal Reserve Board to require each Federal reserve such liquidating member bank. bank to exercise the functions of a clearing house for its (d) Consolidation of member banks.—Whenever there member banks, and section 13 of the Federal reserve act, is a consolidation of two or more member banks which re- as amended by the act approved June 21,1917, authorizes sults in the consolidated bank acquiring by operation of each Federal reserve bank to receive from any nonmember law (see note 2 on p. 902) the Federal reserve bank stock bank or trust company, solely for the purposes of exchange owned by the other consolidating banks, and which also or of collection, deposits of current funds in lawful money, results in the consolidated bank having a paid-up capital national-bank notes, Federal reserve notes, checks and less than the aggregate paid-up capital of the consolidating drafts payable upon presentation, or maturing notes and member banks, the consolidated bank shall file with the bills, provided such nonmember bank or trust company Federal reserve bank, of which it is a member, an applica- maintains with its Federal reserve bank a balance sufficient tion for the surrender and cancellation of stock on F. R. B. to offset the items in transit held for its account by the Form 60a, which is made a part of this regulation. Upon Federal reserve bank. the approval of this application by the Federal reserve agent and the Federal Reserve Board, the Federal reserve SECTION II. General requirements. bank shall accept and cancel the stock which the applying bank is entitled to surrender, and shall refund to the ap- In pursuance of the authority vested in it under these plying bank the proportionate amount due such bank on provisions of law, the Federal Reserve Board, desiring account of the stock canceled. to afford both to the public and to the various banks of (e) Certifying reductions of Federal reserve bank the country a direct, expeditious, and economical system stock.—All reductions of the capital stock of a Federal of check collection and settlement of balances, has arranged reserve bank shall, in accordance with the provisions of to have each Federal reserve bank exercise the functions section 6 of the Federal reserve act, be certified to the of a clearing house for such of its member banks as desire Comptroller of the Currency by the board of directors of to avail themselves of its privileges and for such non- such Federal reserve bank on F. R. B. Form 59, which is member State banks and trust companies as may maintain made a part of this regulation. Such certifications shall with the Federal reserve bank balances sufficient to be made quarterly as of the last days of December, March, qualify them under the provisions of section 13 to send June, and September of each year. A duplicate copy of items to Federal reserve banks for purposes of exchange each certificate shall be forwarded to the Federal Reserve or of collection. Such nonmember State banks and trust Board. companies will hereinafter be referred to as nonmember clearing banks. SECTION III. Cancellation of old and issue of new stoch Each Federal reserve bank shall exercise the functions certificates. of a clearing house under the general terms and conditions hereinafter set forth. Whenever a member bank changes its name or, by consolidation with another member bank, acquires by SECTION III. Checks received for collection. operation of law (see note 2 on p. 902) the Federal reserve bank stock previously held by such other member bank, (a) Each Federal reserve bank will receive at par from its member banks and from nonmember clearing banks it shall surrender to the Federal reserve bank the certifi- 1 cate of Federal reserve bank stock which was issued to in its district, checks drawn on all member and non- it under its old name, or which was issued to such other member clearing banks and on all other nonmember member bank. The certificate so surrendered shall be banks which agree to remit at par in acceptable funds indorsed by the member bank surrendering it or by the through the Federal reserve bant of their district. member bank to which it was originally issued and shall (6) Each Federal reserve bank will receive at par from be accompanied by proper proof of the change of name or other Federal reserve banks, and from all member and non- consolidation. Upon receipt of such certificate of stock so member clearing banks in other Federal reserve districts indorsed, together with such proof, the Federal reserve authorized to route direct for the credit of their accounts bank shall cancel the certificate so surrendered and shall with their respective Federal reserve banks, checks drawn issue in lieu thereof to and in the name of the member upon all member and nonmember clearing banks of its bank surrendering it a new certificate for the number of district and upon all other nonmember banks of its district shares represented by the certificate so surrendered, or if which agree to remit at par in acceptable funds. the member bank is entitled to surrender some of the stock which is represented by the surrendered certificate, and i A cheek is generally defined as a draft or order upon a bank or banking house, purporting to be drawn upon a deposit of funds, for the payment an application for the surrender and cancellation of such at ail events of a certain sum of money to a certain person therein named, stock is at the same time made in accordance with this or to him or his order, or to bearer, and payable on demand.

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(c) No Federal reserve bank shall receive on deposit proceeds of an exchange draft has not actually been re- or for collection any check drawn on any nonmember ceived, regardless of whether or not the check itself can bank which refuses to remit at par in acceptable funds. be returned. (d) Whenever a Federal reserve bank receives on deposit or for collection a check drawn by, indorsed by, or emanat- ing from, any nonmember bank which refuses to remit at SECTION VI. Penalties for deficiencies in reserves. par in acceptable funds, it shall make a charge for the service of collecting such check of one-tenth of 1 per cent, (a) Statutory provisions.—Section 19 of the Federal the minimum charge to be 10 cents for each item. reserve act provides that— The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may SECTION IV. Time schedule and availability of credits. be prescribed by the Federal Reserve Board, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, That no bank shall at any time make new Each Federal reserve bank will publish a time schedule loans or shall pay any dividends unless and until the total balance re- showing the time at which any item sent to it will be count- quired by law is fully restored. ed as reserve and become available to meet checks drawn. (b) Computation of reserves.—Items can not be counted For all checks received, the sending bank will be given as part of the minimum reserve balance to be carried by immediate credit, or deferred credit, in accordance with a member bank with its Federal reserve bank until such such time schedule, and as provided below. time as may be specified in the appropriate time schedule For all such checks as are received for immediate credit referred to in Section IV. If a member bank draw against in accordance with such time schedule, immediate credit, items before such time, the draft will be charged against subject to final payment, will be given upon the books of its reserve balance if such balance be sufficient in amount the Federal reserve bank at full face value in the reserve to pay it; but any resulting impairment of reserve bal- account or clearing account upon day of receipt, and the ances will be subject to all the penalties provided by the proceeds will at once be counted as reserve and become act. available to meet checks drawn. For all such checks as are received for deferred credit (c) Basic penalty.—Inasmuch as it is essential that the in accordance with such time schedule, deferred credit, law in respect to the maintenance by member banks of subject to final payment, will be entered upon the books the required minimum reserve balance shall be strictly of the Federal reserve bank at full face value, but the complied with, the Federal Reserve Board, under au- proceeds will not be counted as reserve nor become avail- thority vested in it by section 19 of the Federal reserve act, able to meet checks drawn until such time as may be hereby prescribes a basic penalty for deficiencies in specified in such time schedule, at which time credit will reserves according to the following rules." be transferred from the deferred account to the reserve 1. Deficiencies in reserve balances of member banks in account or clearing account and will then be counted as central reserve and reserve cities will be computed on the reserve and become available to meet checks drawn. basis of average daily net deposit balances covering a weekly period of seven days. Deficiencies in reserve balances of other member banks will be computed on the SECTION V. Manner of collection. basis of average daily net deposit balances covering a semimonthly period. The Federal Reserve Board hereby authorizes, and each 2. Penalties for deficiencies in reserves will be assessed member and nonmember clearing bank will be required monthly on the basis of average daily deficiencies during to authorize, the Federal reserve banks to handle checks each of the reserve computation periods ending in the received on deposit or for collection as follows: preceding month. (1) A Federal reserve bank will act as agent only and 3. A basic rate of 2 per cent per annum above the will assume no liability except for its own negligence and Federal reserve bank discount rate on 90-day commercial its guaranty of prior indorsements. paper will be assessed as a penalty on deficiencies in re* (2) A Federal reserve bank is authorized to present or serves of member banks. send checks for payment in cash or exchange draft direct (d) Progressive penalty.—The Federal Reserve Board to the bank on which they are drawn or at which they are will also prescribe for any Federal reserve district, upon payable, or to forward them to any suitably selected sub- the application of the Federal reserve bank of that district, agent with authority to present or send them for payment an additional progressive penalty for continued deficiencies in cash or exchange draft direct to the bank on which in reserves, in accordance with the following rules: they are drawn or at which they are payable. 1. When a member bank in a central reserve or reserve (3) Checks received by a Federal reserve bank on its city has had an average deficiency in reserves for six con- member or nonmember clearing banks will be forwarded secutive weekly periods, a progressive penalty, increasing or presented direct to such banks, and such banks will be at the rate of one-fourth of 1 per cent for each week there- required to remit therefor at par in funds acceptable to after during which the average reserve balance is deficient, the Federal reserve bank, or to authorize the Federal will be assessed on weekly deficiencies until the required reserve bank to charge their reserve accounts or clearing reserve has been restored and maintained for four consecu- accounts; provided, however, that in case such remittance tive weekly periods, provided that the maximum penalty or authorization is not received by the Federal reserve charged will not exceed 10 per cent. bank from any such bank at the expiration of the agreed 2. When a member bank outside of a central reserve transit time between the Federal reserve bank and such or reserve city has had an average deficiency in reserves bank, the Federal reserve bank reserves the right to charge for three consecutive semimonthly periods, a progressive such items to the reserve account or clearing account of penalty, increasing at the rate of one-half of 1 per cent for such bank at the expiration of such time. each half month thereafter during which the average (4) Checks received by a Federal reserve bank payable reserve balance is deficient, will be assessed on semi- in other districts will be forwarded to the Federal reserve monthly deficiencies until the required reserve has been bank of the district in which such items are payable. restored and maintained for two consecutive semimonthly (5) A Federal reserve bank will charge back the amount periods, provided that the maximum penalty charged of any check for which payment either in cash or in the will not exceed 10 per cent.

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SECTION VII.—Other rules and regulations. subscribe to or purchase shares of the capital stock of such Corporation to avail themselves of the advantages of this Any further requirements that the board may deem section. necessary •will be set forth by the Federal reserve banks The persons signing the organization certificate shall ac- in their letters of instruction to their member and non- knowledge the execution thereof before a judge of some member clearing banks. Each Federal reserve bank will court of record or notary public, who shall certify thereto also promulgate rules and regulations governing the under the seal of such court or notary. Thereafter the cer- details of its operations as a clearing house, such rules and tificate shall be forwarded to the Federal Reserve Board to regulations to be binding upon all member and nonmember be filed in its office. banks which are clearing through the Federal reserve bank. IV. Title. Inasmuch as the name of the Corporation is subject to the approval of the Federal Reserve Board, a preliminary ap- REGULATION K, SERIES OF 1923. plication for that approval should be filed with the Federal (Superseding Regulation K of 1920.) Reserve Board on F. R. B. Form 150, which is made a part of this regulation. This application should state merely BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN that the organization of a Corporation under the proposed BANKING BUSINESS UNDER THE TERMS OP SECTION name is contemplated and may request the approval of that 25 (A) OP THE FEDERAL RESERVE ACT. name and its reservation for a period of 30 days. No Cor- poration which issues its own bonds, debentures, or other such obligations will Jbe permitted to have the word I. Organization. " bank " as a part of its title. No Corporation which has the word " Federal" in its title will be permitted also to have Any number of natural persons, not Ie3 < in any case 1 the word "bank" as a part of its title. So far as possible than five, may form a Corporation under the provisions the title of the Corporation should indicate the nature or of section 25 (a) for the purpose of engaging in international reason of the business contemplated and should in no case or foreign banking or other international or foreign financial resemble the name of any other corporation to the extent operations or in banking or other financial operations in a that it might result in misleading or deceiving the public dependency or insular possession of the United States as to its identity, purpose, connections, or affiliations. either directly or through the agency, ownership, or con- trol of local institutions in foreign countries or in such dependencies or insular possessions. V. Authority to commence business. After the articles of association and organization certifi- II. Articles of association. cate have been made and filed with the Federal Reserve Board, and after they have been approved by the Federal Any persons desiring to organize a corporation for any Reserve Board and a preliminary permit to begin business of the purposes defined in section 25 (a) shall enter into has been issued by the Federal Reserve Board, the associ- articles of association (see F. R. B. Form 151, which is ation shall become and be a body corporate, but none of suggested as a satisfactory form of articles of association) its powers except such as are incidental and preliminary which shall specify in general terms the objects for which to its organization shall be exercised until it has been the Corporation is formed, and may contain any other formally authorized by the Federal Reserve Board by a provisions not inconsistent with law which the Corpora- final permit generally to commence business. tion may see fit to adopt for the regulation of its business Before the Federal Reserve Board will issue its final per- and the conduct of its affairs. The articles of association mit to commence business, the president or cashier, shall be signed by each person intending to participate together with at least three of the directors, must certify in the organization of the Corporation and when signed (a) that each director elected is a citizen of the United shall be forwarded to the Federal Reserve Board, in whose States; (6) that a majority of the shares of stock is owned office they shall be filed. by citizens of the United States, by corporations the con- trolling interest in which is owned by citizens of the United III. Organization certificate. States, chartered under the laws of the United States, or by firms or companies the controlling interest in which is All of the persons signing the articles of association shall owned by citizens of the United States; and (c) that of the under their hands make an organization certificate on authorized capital stock specified in the articles of associ- F. R. B. Form 152, which is made a part of this regulation, ation at least 25 per cent has been paid in in cash and that and which shall state specifically: each shareholder has individually paid in in cash at least First. The name assumed by the Corporation. 25 per cent of his stock subscription. Thereafter the Second. The place or places where its operations are to cashier shall certify to the payment of the remaining in- be carried on. stallments as and when each is paid in, in accordance with Third. The place in the United States where its home law. office is to be located. VI. Capital stock. Fourth. The amount of its capital stock and the number No Corporation maybe organized under the terms of sec- of shares into which it shall be divided. tion 25 (a) with a capital stock of less than $2,000,000. Fifth. The names and places of business or residences of The par value of each share of stock shall be specified in the persons executing the organization certificate and the num- articles of association, and no Corporation will be permitted ber of shares to which each has subscribed. to issue stock of no par value. If there is more than one Sixth. The fact that the certificate is made to enable the class of stock, the name and amount of each class and the persons subscribing the same and all other persons, firms, obligations, rights, and privileges attaching thereto shall companies, and corporations who or which may thereafter be set forth fully in the articles of association. Each class of stock shall be so named as to indicate to the investor i Whenever these regulations refer to a corporation spelled with a as nearly as possible what is its character and to put him capital C, they relate to a corporation organized under section 25 (a) ol the Federal reserve act. on notice of any unusual attributes.

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VII. Transfers of stock. of the shares in question a notice in writing requiring such holder within two months to transfer such shares to a Section 25 (a) provides in part that— citizen of the United States, or to a firm, company, or cor- A majority of the shares of the capital stock of any such corporation poration approved by the board of directors as an eligible shall at all times be held and owned by the citizens of the United States, stockholder. When such notice has been given by the by corporations the controlling interest in which is owned by citizens of board of directors the shares of stock so held shall cease to the United States, chartered under the laws of the United States or of a State of the United States, or by firms or companies the controlling confer any vote until they have been transferred as re- interest in which is owned by citizens of the United States. quired above and if on the expiration of two months after such notice the shares shall not have been so transferred, In order to insure compliance at all times with the re- the shares shall be forfeited to the Corporation. quirements of this provision after the organization of the The board of directors shall prescribe in the by-laws of Corporation, shares of stock shall be issuable and trans- the Corporation appropriate regulations for the registration ferable only on the books of the Corporation. Every appli- of the shares of stock in accordance with the terms of the cation for the issue or transfer of stock shall be accompanied law and these regulations. The by-laws must also pro- by an affidavit of the party to whom it is desired to issue vide that the certificates of stock issued by the Corporation or transfer stock, or by his or its duly authorized agent, shall contain provisions sufficient to put the holder on stating— notice of the terms of the law and the regulations of the In the case of an individual.—(a) Whether he is or is not Federal Reserve Board defining the limitations upon the a citizen of the United States and if a citizen of the United rights of transfer. States, whether he is a natural born citizen or a citizen by naturalization, and if naturalized, whether he remains for any purpose in the allegiance of any foreign sovereign or VIII. Operations in the United States. state; (6) Whether there is or is not any arrangement under which he is to hold the shares or any of the shares which No Corporation shall carry on any part of its business in he desires to have issued or transferred to him, in trust for the United States except such as shall be incidental to its or in any way under the control of any foreign state or any international or foreign business. Agencies may be estab- foreigner, foreign corporation, or any corporation under lished in the United States with the approval of the foreign control, and if so, the nature thereof. Federal Reserve Board for specific purposes, but not In the case of a corporation.—(o) Whether such corpora- generally to carry on the business of the Corporation. tion is or is not chartered under the laws of the United States or of a State of the United States. If it is not, no further declaration is necessary, but if it is, it must also be J IX. Investments in the stock of other corporations. stated (6) whether the controlling interest ill such corpora- tion is or is not owned by citizens of the United States, and It is contemplated by the law that a Corporation shall (c) whether there is or is not any arrangement under which conduct its business abroad either directly or indirectly such corporation will hold the shares or any of the shares if through the ownership or control of corporations, and it is issued or transferred to such corporation, in trust for or in accordingly provided that a Corporation may invest in any way under the control of any foreign state or any the stock, or other certificates of ownership, of any other foreigner or foreign corporation or any corporation under corporation organized— foreign control, and if so, the nature thereof. (a) Under the provisions of section 25 (a) of the In the case of a firm or company.—(a) Whether the con- Federal Reserve act; trolling interest in such firm or company is or is not owned (b) Under the laws of any foreign country or a by citizens of the United States and, if so, (b) whether colony or dependency thereof; there is or is not any arrangement under which such firm (c) Under the laws of any State, dependency, or or company will hold the shares or any of the shares if insular possession of the United States; issued or transferred to such firm or company in trust for provided, first, that such other corporation is not engaged or in any way under the control of any foreign state or any m the general business of buying or selling goods, wares, foreigner or foreign corporation or any corporation under merchandise, or commodities in the United States; and, foreign control, and if so, the nature thereof. second, that it is not transacting any business in the The board of directors of the Corporation, whether acting United States except such as is incidental to its inter- directly or through an agent, may, before making any issue national or foreign business. or transfer of stock, require such further evidence as in Except with the approval of the Federal Reserve Board, their discretion they may think necessary in order to de- no Corporation shall invest an amount in excess of 15 per termine whether or not the issue or transfer of the stock cent of its capital and surplus in the stock of any corpora- would result in a violation of the law. No issue or transfer tion engaged in the business of banking, or an amount in of stock which would cause 50 per cent or more of the total excess of 10 per cent of its capital and surplus in the stock amount of stock issued or outstanding to be held contrary of any other kind of corporation. to the provisions of the law or these regulations shall be No Corporation shall purchase any stock in any other made upon the books of the Corporation. The decision of corporation organized under the terms of section 25 (a) or the board of directors in each case shall be final and con- under the laws of any State, which is in substantial com- clusive and not subject to any question by any person, petition therewith, or which holds stock or certificates of firm, or corporation on any ground whatsoever. ownership in corporations which are in substantial com- If at any time by reason of the fact that the holder of any petition with the purchasing Corporation. This restriction, shares of the Corporation ceases to be a citizen of the United however, does not apply to corporations organized under States, or, in the opinion of the board of directors, becomes foreign laws. subject to the control of any foreign state or foreigner or foreign corporation or corporation under foreign control, X. Branches. 50 per cent or more of the total amount of capital stock issued or outstanding is held contrary to the provisions of No Corporation shall establish any branches except with the law or these regulations, the board of directors may, the approval of the Federal Reserve Board, and in no case when apprised of that fact, forthwith serve on the holder shall any branch be established in the United States.

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XI. Issue of debentures, bonds, and promissory notes. trade in such countries, dependencies, and possessions: Provided, however, That, except with the approval of the Approval of the Federal Reserve Board.—No Corporation Federal Reserve Board and subject to such limitations as it shall make any public or private issue of its debentures, may prescribe, no Corporation shall exercise its power to bonds, notes, or other such obligations without the ap- accept drafts or bills of exchange if at the time such drafts proval of the Federal Reserve Board, but this restriction or bills are presented for acceptance it has outstanding any shall not apply to notes issued by the Corporation in bor- debentures, bonds, notes, or other such obligations issued rowing from banks or bankers for temporary purposes not by it. to exceed one year. The approval of the Federal Reserve Maturity.—Except with the approval of the Federal Board will be based solely upon the right of the Corporation Reserve Board, no Corporation shall accept any draft or bill to make the issue under the terms of this regulation and of exchange which grows out of a transaction involving the shall not be understood in any way to imply that the Federal importation or exportation of goods with a maturity in Reserve Board has approved or passed upon the merits of excess of six months, or shall accept any draft or bill of such obligations as an investment. The Federal Reserve exchange drawn for the purpose of furnishing dollar ex- Board will consider the general character and scope of the change with a maturity in excess of three months. business of the Corporation in determining the amount of Limitations.—(1) Individual drawers: No acceptances debentures, bonds, notes, or other such obligations of the shall be made for the account of any one drawer in an Corporation which may be issued by it. amount aggregating at any time in excess of 10 per cent of Application.—Every application for the approval of any the subscribed capital and surplus of the Corporation, unless such issue by a Corporation shall be accompanied by (1) a the transaction be fully secured or represents an exporta- statement of the condition of the Corporation in such form tion or importation of commodities and is guaranteed by a and as of such date as the Federal Reserve Board may bank or banker of undoubted solvency. (2) Aggregates require; (2) a detailed list of the securities by which it is Whenever the aggregate of acceptances outstanding at any proposed to secure such issue, stating their maturities, in- time (a) exceeds the amount of the subscribed capital and dorsements, guaranties, or collateral, if any, and in general surplus, 50 per cent of all the acceptances in excess of the terms the nature of the transaction or transactions upon amount shall be fully secured; or (b) exceeds twice the which they were based; and (3) such other data as the amount of the subscribed capital and surplus, all the ac- Federal Reserve Board may from time to time require. ceptances outstanding in excess of such amount shall be Advertisements.—No circular, letter, or other document fully secured. (The Corporation shall elect whichever re- advertising the issue of the obligations of a Corporation quirement (a) or (6) calls for the smaller amount of secured shall state or contain any reference to the fact that the acceptances.) In no event shall any Corporation have Federal Reserve Board has granted its approval of the outstanding at any one time acceptances drawn for the issue to which the advertisement relates. This require- purpose of furnishing dollar exchange in an amount aggre- ment will be enforced strictly in order that there may be gating more than 50 per cent of its subscribed capital and no possibility of the public's misconstruing such a reference surplus. to be an approval by the Federal Reserve Board of the Reserves.—Against all acceptances outstanding which merits or desirability of the obligations as an investment. mature in 30 days or less a reserve of at least 15 per cent shall be maintained, and against all acceptances outstand- XII. Sale of foreign securities. ing which mature in more than 30 days a reserve of at least 3 per cent shall be maintained. Reserves against accept- Approval of the Federal Reserve Board.—No Corporation ances must be in liquid assets of any or all of the following shall offer for sale any foreign securities with its indorse- kinds: (1) cash; (2) balances with other banks; (3) bank- ment or guaranty, except with the approval of the Federal ers' acceptances; and (4) such securities as the Federal ReserveBoard, but such approval will be based solely upon Reserve Board may from time to time permit. the right of the Corporation to make such a sale under the terms of this regulation and shall not be understood in any XIV. Deposits. way to imply that the Federal Reserve Board has approved or passed upon the merits of such securities as in invest- In the United States.—No Corporation shall receive in the ment. United States any deposits except such as are incidental Application.—Every application for the approval of such to or for the purpose of carrying out transactions in foreign sale shall be accompanied by a statement of the character countries or dependencies of the United States where the and amount of the securities proposed to be sold, their in- Corporation has established agencies, branches, correspond- dorsements, guaranties, or collateral, if any, and such other ents, or where it operates through the ownership or control data as the Federal Reserve Board may from time to time of subsidiary corporations. Deposits of this character may require. be made by individuals, firms, banks, or other corpora- Advertisements.—No circular, letter, or other document tions, whether foreign or domestic, and may be time de- advertising the said of foreign securities by a Corporation posits or on demand. with its indorsement or guaranty shall state or contain any Outside the United States.—Outside the United States a reference to the fact that the Federal Reserve Board has Corporation may receive deposits of any kind from indi- granted its approval of the sale of the securities to which viduals, firms, banks, or other corporations: Provided, the advertisement relates. however, That if such corporation has any of its bonds, debentures, or other such obligations outstanding it may XIII. Acceptances. receive abroad only such deposits as are incidental to the conduct of its exchange, discount, or loan operations. Kinds.—Any Corporation may accept (1) drafts and bills Reserves.—Against all deposits received in the United of exchange drawn upon it which grow out of transactions States a reserve of not less than 13 per cent must be main- involving the importation or exportation of goods, and (2) tained. This reserve may consist of cash in vault, a drafts and bills of exchange which are drawn by banks or balance with the Federal reserve bank of the district in bankers located in foreign countries or dependencies or which the head office of the Corporation is located, or a insular possessions of the United States for the purpose of balance with any member bank. Against all deposits furnishing dollar exchange as required by the usages of received abroad the Corporation shall maintain such

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reserves as may be required by local laws and by the XVIII. Amendments to regulations. dictates of sound business judgment and banking prin- ciples. These regulations are subject to amendment by the XV. General limitations and restrictions. Federal Reserve Board from time to time: Provided, however, That no such amendment shall prejudice obliga- Liabilities of one borrower.—The total liabilities to a tions undertaken in good faith under regulations in effect Corporation of any person, company, firm, or corporation at the time they were assumed. for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed 10 per cent of the amount of its subscribed capital and surplus, except with the ap- REGULATION L, SERIES OF 1923. proval of the Federal Reserve Board: Provided, however, That the discount of bills of exchange drawn in good faith (Superseding Regulation L of 1920.) against actually existing values and the discount of com- mercial or business paper actually owned by the person INTERLOCKING BANK DIRECTORATES UNDER THE negotiating the same shall not be considered as money CLAYTON ACT. borrowed within the meaning of this paragraph. The liability of a customer on account of an acceptance made SECTION I. Definitions. by the Corporation for his account is not a liability for Within the meaning of this regulation— money borrowed within the meaning of this paragraph The term "member bank" shall apply to any national unless and until he fails to place the Corporation in funds bank and any State bank or trust company which is a to cover the payment of the acceptance at maturity or member of the Federal reserve system. unless the Corporation itself holds the acceptance The term " national bank " shall be construed to apply Aggregate liabilities of the Corporation.—The aggregate ofnot only to national banking associations but also to banks, the Corporation's liabilities outstanding on account of banking associations, and trust companies organized or acceptances, average domestic and foreign deposits, operating under the laws of the United States, including debentures, bonds, notes, guaranties, indorsements, and all banks and trust companies doing business in the Dis- other such obligations shall not exceed at any one time trict of Columbia, regardless of the sources of their charters. ten times the amount of the Corporation's subscribed The term "resources" shall be construed to mean an capital and surplus except with the approval of the amount equal to the sum of the deposits, capital, surplus, Federal Reserve Board. In determining the amount of and undivided profits. the liabilities within the meaning of this paragraph, in- The term "State bank" shall include any bank, bank- dorsements of bills of exchange having not more than six ing association, or trust company incorporated under months to run, drawn and accepted by others than the State law. Corporation, shall not be included. The term "private banker" shall apply to any unincor- Operations abroad.—Except as otherwise provided in porated individual engaging in one or more phases of the the law and these regulations, a Corporation may exercise banking business as that term is generally understood and abroad not only the powers specifically set forth m the law to any member of an unincorporated firm engaging in such but also such incidental powers as may be usual in the business. determination of the Federal Reserve Board in connection The term " Edge Act" shall mean section 25 (o) of the with the transaction of the business of banking or other Federal reserve act as amended December 24, 1919. financial operations in the countries in which it shall The term "Edge Corporation" shall mean any corpora- transact business. In the exercise of any of these powers tion organized under the provisions of the Edge Act. abroad a corporation must be guided by the laws of the The term "city of over 200,000 inhabitants" includes country in which it is operating and by sound business any city, incorporated town, or village of more than 200,- judgment and banking principles. 000 inhabitants, as shown by the last preceding decennial census of the United States. Any bank located any- XVI. Management. where within the corporate limits of such city is located in a city of over 200,000 inhabitants within the meaning The directors, officers, or employees of a Corporation of the Clayton Act, even though it is located in a suburb shall exercise their rights and perform their duties as or an outlying district at some distance from the principal directors, officers, or employees, with due regard to both part of the city. the letter and the spirit of the law and these regulations. For the purpose of these regulations the Corporation shall, SECTION II. Prohibitions of Clayton Act. of course, be responsible for all acts of omission or commis- sion of any of its directors, officers, employees, or repre- Under section 8 of the Clayton Antitrust Act— sentatives in the conduct of their official duties. The (1) No person who is a director or other officer or employee character of the management of a Corporation and its gen- of a national bank having resources aggregating more than eral attitude toward the purpose and spirit of the law and $5,000,000 can legally serve at the same time as director, these regulations will be considered by the Federal Re- officer, or employee of any other national bank, regardless serve Board in acting upon any application made under of its location. the terms of these regulations. (2) No person who is a director in a State bank or trust company having resources aggregating more than $5,000,- XVII. Reports and examinations. 000 or who is a private banker having resources aggregating more than $5,000,000 can legally serve at the same time Reports.—Each Corporation shall make at least two re. as director of any national bank, regardless of its location. ports annually to the Federal Reserve Board at such times (3) No person can legally be a director, officer, or em- and in such form as it may require. ployee of a national bank located in a city of more than Examinations.—Each Corporation shall be examined at 200,000 inhabitants who is at the same time a private least once a year by examiners appointed by the Federal banker in the same city or a director, officer, or employee Reserve Board. The cost of examinations shall be paid of any other bank (State or national) located in the same by the Corporation examined. city, regardless of the size of such bank.

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The eligibility of a director, officer, or employee under the SECTION IV. Permission of the Federal Reserve Board under foregoing provisions is determined by the average amount Kern amendment. of deposits, capital, surplus, and undivided profits as shown in the official statements of such bank, banking associa- By the Kern amendment, approved May 15, 1916, as tion, or trust company filed as provided by law during amended May 26, 1920, the Clayton Act was amended so the fiscal year next preceding the date set for the annual as to authorize the Federal Reserve Board to permit any election of directors, and when a director, officer, or em- private banker or any officer, director, or employee of any ployee has been elected or selected in accordance with the member bank or class A director of a Federal reserve bank provisions of the Clayton Act it is lawful for him to con- to serve as director, officer, or employee of not more than tinue as such for one year thereafter under said election or two other banks, banking associations, or trust companies employment. coming within the prohibitions of the Clayton Act, pro- When any person elected or chosen as a director, officer, vided such other banks are not in substantial competition or employee of any bank is eligible at the time of Ms elec- with such private banker or member bank. tion or selection to act for such bank in such capacity his Substantial competition.—If the institutions involved are eligibility to act in such capacity is not affected by reason not in substantial competition, the board is authorized, in of any change in the affairs of such bank from whatsoever its discretion, to grant, withhold, or revoke such consent; cause until the expiration of one year from the date of his but if they are in substantial competition, the board has election or employment. no discretion in the matter and must refuse such consent. The board has adopted the following statement of general principles for its guidance in determining whether banks are in substantial competition within the meaning SECTION III. Exceptions. of the Kern amendment to the Clayton Act: "In general, two banks will be deemed to be in sub- The provisions of section 8 of the Clayton Act— stantial competition if they actually compete for a con- (1) Do not apply to mutual savings banks not having a siderable amount of business, i. e., if a considerable por- capital stock represented by shares. tion of the business of each is of the same character and in (2) Do not prohibit a person from being at the same time doing or seeking such business they actually compete for a director, officer, or employee of a national bank and not the same customers or prospective customers, regardless of more than one other national bank, State bank, or trust whether or not it is probable or possible that an interlock- company, where the entire capital stock of one is owned ing directorate between them would result in injury to the by the stockholders of the other. public by making credit less available. If the statements (3) Do not prohibit a person from being at the same time of two banks show that each has a considerable amount of a class A director of a Federal reserve bank and also an offi- the same class of deposits or loans and it appears from the cer or director, or both an officer and a director, in one evidence submitted that they are so located as to be in a member bank. position to serve the same customers conveniently, the (4) Do not prohibit a person who is serving as director, board will presume, in the absence of evidence to the con- officer, or employee of a national bank, even though it has trary, that they are in substantial competition. This resources aggregating over $5,000,000, from serving at the presumption may be rebutted, however, by any evidence same time as director, officer, or employee of any number showing that they are not actually competing for such of State banks and trust companies, provided such State business, e. g., that they actually serve different classes of institutions are not located in the same city of over 200,000 customers, that the business in question is not actually inhabitants as the national bank and do not have re- sought by one bank but is merely incidental to its other sources aggregating in the case of any one bank more than business, or that competition has already been eliminated $5,000,000. through common stock ownership. The existence of sub- (5) Do not prohibit a person from serving at the same stantial competition, however, may be shown by evidence time as director, officer, or employee of any number of other than that described above." national banks, provided no two of them are located in This is not intended as a precise definition of the term the same city of over 200,000 inhabitants and no one of "substantial competition," but merely as a broad state- them has resources aggregating over $5,000,000. ment of the general principles which will be observed by (6) Do not prohibit a person who is not a director, officer, the Federal Reserve Board in determining whether banks or employee of any national bank from serving at the same are in substantial competition. Whether or not substantial time as officer, director, or employee of any number of competition exists in any particular case is a question of State banks or trust companies, regardless of their loca- fact which must be determined in the light of all the facts tions and resources. and circumstances involved in such case. (7) Do not prohibit a person who is an officer or em- When obtained.—Inasmuch as the Kern amendment ployee but not a director of a State bank from serving as excepts from the prohibitions of the Clayton Act only director, officer, or employee of a national bank, even those "who shall first procure the consent of the Federal though either or both of such banks have resources aggre- Reserve Board," it is a violation of the law to serve two gating over $5,000,000, provided both banks are not located or more institutions in the prohibited classes before such in the same city of over 200,000 inhabitants. consent has been obtained. Such consent should be (8) Do not prohibit a person who is an officer or employee obtained, therefore, before becoming an officer, director, or but not a director of a national bank from serving at the employee of more than one bank in the prohibited classes. same time as director, officer, or employee of a State bank, Such consent may be procured before the person applying even though either or both of such banks have resources therefor has been elected as a class A director of a Federal aggregating over $5,000,000, provided both banks are not reserve bank or as a director of any member bank. located in the same city of over 200,000 inhabitants. Applications for permission.—A person wishing to obtain (9) Do not apply to persons who have obtained the con- the permission of the Federal Reserve Board to serve sent or approval of the Federal Reserve Board under the banks coming within the prohibitions of the Clayton Act provisions of the Kern amendment, section 25 of the Fed- should— eral reserve act, or the Edge Act, as hereinafter provided. (1) Make formal application on F. R. B. Form 94, or, if Exceptions cumulative.—The above exceptions are cumu- a private banker, on F. R. B. Form 94d. Each of these lative. forms is made a part of this regulation.

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(2) Obtain from each of the banks involved a statement oil F. R. B. Form 94a, which is made a part of this regula- AGRICULTURAL CREDITS UNDER THE tion, showing the character of its business, together with FEDERAL RESERVE ACT. a copy of its last published statement of condition, and, if a private banker, make a statement on F. R. B. Form 94e In view of the interest attaching to the added showing the character of his or his firm's business. (3) Forward all these papers to the Federal reserve facilities for extending credit to farmers, estab- agent of his district, who will attach his recommendation lished by the agricultural credits act of 1923 on F. R. B. Form 94b, which is made a part of this regula- with the amendments to the Federal reserve tion, and forward them in due course to the Federal act which it contained, there has been prepared Reserve Board. the following summary in nontechnical lan- Approval or disapproval.—As soon as an application is acted upon by the board, the applicant will be advised guage of the ways in which credit may be ex- of the action taken. tended for agricultural purposes under the pro- If the board approves the application, a formal certifi- visions of the amended Federal reserve act and cate of permission to serve on the banks involved will be the regulations issued by the Federal Reserve issued to the applicant. Board. Rehearing.—If the board decides that the banks are in substantial competition and that it can not approve the application, it will, upon petition of the applicant, recon- HOW CREDITS ARE EXTENDED. sider its decision and afford him every opportunity to present any additional facts or arguments bearing on the subject. The operations of Federal reserve banks in. Effect of permits.—Permission once granted is continu- extending credit to agricultural interests are ing until revoked, and need not be renewed. regulated by the Federal reserve act with its ^Revocation.—All permits, however, are subject to revo- various amendments. Neither farmers nor cation at any time in the discretion of the Federal Reserve Board. The issuance of a permit to any person shall have other individuals can obtain credit directly the effect of revoking any or all permits which may have from the Federal reserve banks, but must been issued previously to that person. apply for loans to their own local banks, SECTION V. Permits under section 25 of the Federal reserve which, if they are members of the Federal act. reserve system, may in turn rediscount with the Federal reserve bank the notes, drafts, or With the approval of the Federal Reserve Board any bills of exchange acquired from customers. director, officer, or employee of a member bank which has invested in the stock of any corporation principally en- The Federal reserve act places certain limita- gaged in international or foreign banking or financial opera- tions on the character of paper that the reserve tions or banking in a dependency or insular possession of banks may discount and places upon the the United States, under the provisions of section 25 of the Federal Reserve Board the duty of issuing Federal reserve act, may serve as director, officer, or employee of any such foreign bank or financial corporation. regulations putting into effect the provisions Applications for approval.—The approval of the Federal of the law. Following is a brief summary of Reserve Board for such interlocking directorates may be the provisions of the act and of the board's obtained through an informal application in the form of a regulations with special reference to the credit letter addressed to the Federal Reserve Board either by the officer, director, or employee involved, or in his behalf facilities offered to agricultural interests. by one of the banks which he is serving. Such applica- tion should be sent directly to the Federal Reserve GENERAL CHARACTER OF ELIGIBLE PAPER. Board. SECTION VI. Permits to serve Edge corporations. The character of the paper which Federal With the approval of the Federal Reserve Board— reserve banks may discount is generally defined (1) Any officer, director, or employee of any member in section 13 of the Federal reserve act. This bank may serve at the same time as director, officer, or provision of law authorizes Federal reserve employee of any Edge corporation in whose capital stock the member bank shall have invested. banks to discount notes, drafts, and bills of (2) Any officer, director, or employee of any Edge exchange issued or drawn for agricultural, corporation may serve at the same time as officer, director, industrial, or commercial purposes, or the pro- or employee of any other corporation in whose capital stock ceeds of which have been used or are to be such Edge corporation shall have invested under the pro- visions of the Edge Act. used for such purposes. The law does not Applications for approval.—Such approval may be permit the reserve banks to discount paper the obtained through an informal application in the form of a proceeds of which are (1) to be loaned to some letter addressed to the Federal Reserve Board either by other borrower, or (2) to be used for permanent the director, officer, or employee involved, or in his behalf by one of the banks or corporations involved. Such appli- investment, or (3) for speculation. Exceptions cations should be sent directly to the Federal Reserve to (1) in favor of certain kinds of agricultural Board. loans are discussed later.

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AGRICULTURAL PAPER IN GENERAL. money is borrowed to be in turn loaned to individual members of the association would Agricultural paper is given by the act an ordinarily be ineligible for discount, but it was important advantage over commercial paper, felt that the ability to issue such paper and since the latter can be discounted only for a have it available for discount would be of such period not exceeding 90 days, while paper assistance in the cooperative marketing move- which is issued or drawn for an agricultural ment that a special exception to the general urpose, or is based on live stock, may now be rule is made in the law. The law also specifi- Siscounted by Federal reserve banks even cally defines as agricultural certain classes of though it has 9 months to run from the date paper of cooperative marketing associations of discount. The Federal Reserve Board has which otherwise would be construed as com- made appropriate provision for this in its new mercial paper. This provision makes the paper regulations, in which the definition of agri- in question eligible for discount with Federal re- cultural paper has been clarified and broadened serve banks for a maximum period of 9 months, so as to incorporate the latest and most liberal instead of 90 days. principles adopted by the board in determining what constitutes agricultural paper. Nine months' paper will thus be eligible for discount SIGHT AND DEMAND DRAFTS. if the proceeds have been or are to be used by a Another feature of the law which should farmer in any one or more of the steps of prove of great assistance to the agricultural planting, cultivating, harvesting, or marketing interests is the new provision making sight and a crop, or of breeding, fattening, or marketing demand drafts eligible for discount under live stock, and the Federal Reserve Board has certain circumstances. Under the original act held that the marketing of crops or live stock such paper would be ineligible for discount includes carrying them for a reasonable time in because it has no definite maturity. It order to market them in an orderly manner, appears, however, that it is the custom of many instead of dumping large quantities on the member banks during crop-moving periods market at one time in order to get money with to discount large volumes of sight drafts which to meet current expenses. Under this secured by bills of lading covering the ship- provision of the law, member banks which have ment of wheat, cotton, or other agricultural loaned money for nine months to wheat products. These drafts, although having no growers and other farmers for the purpose of definite maturity, are usually paid with great raising, carrying, and marketing their crops, promptness and actually constitute a liquid will be able to rediscount the farmers' notes and desirable form of paper. At the suggestion with the Federal reserve banks. of the Federal Reserve Board, an amendment was made to the Federal reserve act by the PAPER OF COOPERATIVE MARKETING ASSOCIA- agricultural credits act of March 4, 1923, per- mitting Federal reserve banks to discount TIONS. sight or demand drafts drawn to finance the In recent years cooperative marketing asso- domestic shipment of nonperishable readily ciations have been coming more and more into marketable staples and secured by bills of lad- prominence as agencies that enable the farmer ing or similar shipping documents conveying to market his crops to better advantage. The or securing title to such staples. In order to service which such associations can render to assure the liquidity of the Federal reserve agriculture is clearly recognized and the banks' assets, it is provided that such paper Federal reserve act makes special provisions must be presented for payment with reasonable for the extension of credit to such associations. promptness and that in no event may a Federal Under the act, as amended by the agricultural reserve bank hold such paper longer than 90 credits act of March 4, 1923, cooperative days. marketing associations can issue paper which is eligible for discount with maturities up to FACTORS' PAPER. nine months, if the proceeds of the paper are The law as recently amended also provides advanced to members of the association for that notes, drafts, and bills of exchange of an agricultural purpose, or are used to pay factors issued for the purpose of making members for agricultural products delivered advances to producers of staple agricultural to the association, or finance the association in products in their raw state shall be eligible packing, preparing for market, or marketing for discount. Under normal circumstances, products grown by its members. Paper of paper the proceeds of which are loaned to some cooperative marketing associations by which other borrower would be ineligible for dis-

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count, but this kind of factors' paper may the agricultural credits act of March 4, 1923, now be discounted with maturities up to 90 contained a provision designed to enable many days. This facility should prove of much smaller banks, which formerly had insufficient assistance in financing agricultural produc- capital to become member banks, to join the tion, because, in addition to borrowing from Federal reserve system. Under this provision their banks, farmers can also borrow from banks having 60 per cent of the capital nor- their factors who will be the more ready to mally required as a qualification for membership lend on account of the privilege given them of may join the system under certain conditions making notes and drafts which may be dis- relating to the increase of their capital within counted by Federal reserve banks. a reasonable time, and it is hoped that many of the small country banks will take advantage BANKERS' ACCEPTANCES. of this provision and thereby put themselves m In addition to the ordinary classes of credit a position to offer their customers the benefits instruments—that is, notes, drafts, and bills of membership and the increased credit facilities of exchange—a type of paper known as afforded by the rediscount privilege. bankers' acceptances has recently been com- ing into more common use as a means of OPEN-MARKET PURCHASES OF PAPER. financing agricultural operations, both by In addition to the discount of agricultural individual farmers and more particularly by aper for member banks, Federal reserve cooperative marketing associations. Bankers' Eanks are also enabled to extend credit acceptances are drafts or bills of exchange facilities to the agricultural interests by drawn on and accepted by a bank or trust means of purchasing such paper in the open company or other banking institution, and market. Under section 14 of the Federal the law authorizes Federal reserve banks to reserve act the power is given to Federal discount bankers' acceptances under certain reserve banks to purchase in the open market conditions. For this purpose such accept- bankers' acceptances and bills of exchange ances must be indorsed by a member bank and of the kinds and maturities made eligible must be drawn to finance the importation or for discount. By virtue of this provision exportation of goods, the domestic shipment Federal reserve banks may purchase, as well of goods, or the storage of readily market- as discount, bills of exchange drawn for agri- able staples. Acceptances which are drawn to cultural purposes and having maturities up finance the domestic shipment of goods or the to nine months and secured bankers' accept- storage of readily marketable staples must ances drawn to finance agricultural opera- also be secured by shipping documents or tions with maturities up to six months. warehouse receipts conveying or securing title to the goods or staples in question. FIVE-YEAR LOANS ON FARM LAND. With regard to bankers' acceptances, the law also discriminates in favor of those drawn The Federal reserve act also makes pro- to finance agricultural operations by making vision for long-time borrowing on real-estate them eligible for discount with maturities up to security. Section 24 of the act authorizes six months, provided they are secured by ware- national banks to make loans for periods up house receipts conveying title to readily market- to five years when secured by improved and able staples, while bankers' acceptances drawn unencumbered farm land, and for periods up for other purposes may be discounted by Federal to one year when secured by improved and reserve banks with maturities up to 90 days unencumbered real estate. Naturally, land only. Thus individual farmers and coopera- thus used as security for loans must be located tive marketing associations can obtain funds within reasonable proximity to the lending to finance their operations by drawing on their bank—the exact limits are prescribed in the banks and discounting the accepted drafts law—and it is further provided, as a matter with other banks. This additional means of of sound banking, that these loans may not exceed 50 per cent of the actual value of the etting credit is a very valuable one, because property offered as security. The law also f ankers' acceptances are normally the best places a reasonable limitation on the aggregate type of credit instrument and carry the lowest amount of farm-land and real-estate loans rate of interest. which national banks may have outstanding, for otherwise they might tie up too much of ADMISSION OF SMALL BANKS TO MEMBERSHIP. their funds in long-time, nonliquid loans With a view to increasing the availability and not be able to meet the current require- of credit through the Federal reserve banks, ments of their other borrowers. Thus farmers,

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who need long-time loans, can borrow for five covering commodities in process of shipment years from national banks in their Ideality and bankers' acceptances of the kinds de- on the security of their farm lands, and the scribed in section 13 of the Federal reserve act, Federal Reserve Board has provided in its so that national banks may extend credit on regulations that at maturity such loans may these classes of paper without limitation. be renewed for other five-year periods, although These provisions, which were inserted on the a national bank must not obligate itself in recommendation of the Federal Reserve Board, advance to make a renewal. give broad powers to national banks to ex- tend accommodation on the security of farm OTHER CREDIT FACILITIES. products and live stock and have proven of great value to farmers and cattlemen in their The above gives a brief description of the financing problems. more important provisions of the Federal reserve act which provide for the extension THE FEDERAL RESERVE BOARD'S PART. of credit facilities to the agricultural interests. A discussion of the provisions of the law in There are also certain other provisions dealing this connection would not be complete without with the relations between the Federal reserve reference to the functions of the Federal Re- banks and the new intermediate credit insti- serve Board in construing and administering tutions which were set up by the agricultural the law. There is not space here for a critical credits act of 1923, and by virtue of which study of the board's rulings and regulations Federal reserve banks, through discounting with respect to agricultural credits, but it can and open-market purchases, are enabled to be stated with emphasis that the board has so extend certain additional credits to agri- construed and administered the law as to culture. improve, in the highest possible degree, the credit standing and economic position of the AGRICULTURAL LOANS BY NATIONAL BANKS. agricultural interests, placing at their disposal, Attention should also be called to the pro- through its discounts for member banks and visions of section 5200 of the Revised Statutes. its open-market operations, the vast resources This is not part of the Federal reserve act and of the Federal reserve system to the fullest applies only to national banks, but it has an extent permitted by the law and by the princi- important bearing on the amount of credit ples of sound banking. which farmers and cooperative marketing associations may obtain from national banks. Section 5200 of the Revised Statutes con- New National Bank Charters. tains the limitation on the amount of money The Comptroller of the Currency reports the following which a national bank may lend to any one increases and reductions in the number and capital of person. This is, in general, 10 per cent of the national banks during the period from June 23 to July 27, lending bank's capital and surplus, with cer- 1923, inclusive: tain classes of paper excluded as not being considered loans of money. An exception is Num- Amount ber of of made, however, with respect to loans on banks. capital. readily marketable, nonperishable staples, including live stock. Such loans may be made New charters issued 17 S6 160,000 Restored to solvency 0 0 to any one person up to 25 per cent of the Increase of capital approved ' 31 2,885,000 lending bank's capital and surplus, provided Aggregate of new charters, banks restored to the loans over and above 10 per cent are solvency, and banks increasing capital 48 9,045,000 represented by notes, secured by shipping Liquidations 21 4,400,000 documents or warehouse receipts covering Reducing capital2 6 2,315,000 staples or live stock. National banks may also Total liquidations and reductions of capital.. 27 6,755,000 discount in unlimited amounts certain kinds Consolidations of national banks under act of Nov. of paper classified broadly as "bills of ex- 7,1918 4 21,200,000 change drawn in good faith against actually Aggregate increased capital for period 9,045,000 existing values." Section 5200 of the Revised Reduction of capital owing to liquidations, etc 6,755,000 Statutes includes in this broad classification Net increase 2,290,000 drafts secured by shipping documents con- 1 Includes one increase in capital of $25,000 incident to a consolidation veying or securing title to goods shipped, de- under act of Nov. 7,1918. mand obligations when secured by documents 2 Includes two reductions In capital aggregating $2,200,000 incident to consolidations under act of Nov. 7,1918.

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BUSINESS AND FINANCIAL CONDITIONS ABROAD. Prices and exchange.—During the first half of 1923 prices in most countries have shown a tendency toward a common level, when allowance is made for the exchange value of the various currencies. Though nearly all the currencies are far from their gold parities, there has been a tendency for so close an adjustment between prices and exchange rates that the purchasing power of most of the leading monetary units has been about equal at home and abroad, and consequently the depreciation of the currencies has had relatively little favorable or unfavorable effect on international trade. This had not been the case between 1914 and the beginning of the current year, as during that period the power of most currencies to purchase commodities in the home market was widely different from their purchasing power in foreign markets. Germany, for instance, is the most familiar example of a country with a currency valued much lower abroad than at home, whereas the Swedish and Swiss currencies would buy more goods in the foreign than in the domestic market. While the recent movement toward an adjustment of gold prices in different countries to a common level is not yet complete, the disparities that now exist are small when compared with those during the earlier period. In France and Spain prices on a gold basis are still distinctly below the American level, while in Japan and Switzerland they are above it. In Great Britain, the Netherlands, Sweden, and Canada, however, the correspondence of prices with those in this country has recently been very close, and in many other countries there has been a tendency to approach the American level. At the same time, the course of gold prices in most countries in recent months has been similar to that in the United States, advancing during the first three months of the year and declining since that time. There have been differences between countries in the extent of the movement, but the general trend has been similar. Credit conditions.—During the past two months the Bank of England, the National Bank of Switzerland, and the Note Institute of Hungary raised their discount rates. The raising of the Bank of England rate on July 5 from 3 to 4 per cent has been ascribed in part to the increasing demand for funds upon the bank, which reached a climax at the end of the half year, when the ratio of reserves to liabilities in the banking department fell from 19.3 per cent on June 20 to 14.2 per cent on July 4. The low rate for short-term money in London as compared with New York had induced many British bankers and private firms to lend their funds in the New York market, which led to a greater demand for funds by British borrowers from the Bank of England. Moreover, the flow of funds from London to New York was believed to be one of the reasons for the weakness of the pound sterling, which the raising of the bank rate would tend to correct. The rise in the discount rate was automatically reflected in an increase in the bank deposit rate and was followed by an advance of call money in the London market from 1 per cent on June 29 to 2 per cent on July 6. The reserve ratio of the Bank of England showed a recovery to 17.5 per cent on July 12, and sterling exchange, which had declined almost continuously since the middle of February, gradually rose from $4.55 on July 5 to $4.60 on July 24. The increase in the Swiss discount rate from 3 to 4 per cent on July 14 was apparently intended to prevent a flow of funds from Switzerland to other countries, which would have the effect of depressing the value of the Swiss franc abroad. The increase in the rate of the Hun- garian Central Bank from 12 to 18 per cent was occasioned partly by the rapidly declining exchange rate and partly by speculation in commodities and securities. The Bank of France continues to maintain its discount rate of 5 per cent established in March, 1922. In Germany the most conspicuous fact in the financial situation is still the continued fall of the mark and the enormous growth of note circulation caused by constantly accumulating Government deficits. The exchange value of the mark and its purchasing power abroad have (Continued on page 916.)

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THE TREND OF BUSINESS ABROAD.1

United Ger- United United Ger- United Items. King- France. Items. King- France. dom. many. States. dom. many. States.

I. CREDIT.* III. PRODUCTION AND COMMERCIAL BANK LOANS: TRADE. 1921—June 1,166 12,424 11,885 PIG IRON PRODUCTION (relatives):» 1922—June 1,070 13,676 10,783 1921—June 0.1 66 42 September 1,007 13,364 10,988 1922—June 43 96 92 December 1,031 13,268 11,329 September 50 107 79 1923—March 992 13,402 11,783 December 62 118 121 April , 994 13,511 11,839 1923—March 74 73 138 May 1,005 13,734 11.840 April 76 81 138 June 1,028 11,850 May 84 91 151 COMMERCIAL BANK DEPOSITS: June 81 113 1,768 12,206 10,046 1921—June COAL PRODUCTION (relatives):» 1922—June 1,755 13,583 11,124 85 1,660 13,167 11,085 1921—June 96 September 1922—June 72 100 56 December 1,685 13,250 11,255 99 1,596 13,512 11,082 September 93 109 1923—March December 94 112 117 April 1,606 13,411 11,156 117 May 1,608 13,634 11,173 1923—March 100 89 1,638 11,104 April 96 88 107 June May 93 101 116 CENTRAL BANK DISCOUNTS: 115 1921—June 2,902 SI 1,772 June 101 1922—June 2,332 191 469 UNEMPLOYMENT: « September 2,104 400 420 1921—June 17.8 17,878 169 December 2,401 1,607 630 1922—June 12.7 958 103 1923—March 2,685 6,924 700 September 12.0 410 119 91 April 2,646 9,221 637 December 12.2 414 187 98 May 71 2,372 9,914 731 1923—March 11.1 588 245 103 June 81 2,487 8,747 775 April 10.9 354 265 102 July 71 761 May 10.7 199 211 102 CENTRAL BANK NOTE ISSUES: June 166 102 1921—June 433 37,422 75 2,634 1922—June 399 36,039 169 2,124 BANK CLEARINGS (actuals): * 390 1921—June 2,721 582 15,828 September 36,603 317 2,243 191 17,173 December 405 36,359 l,2f0 2,464 1922—June 2,917 474 388 September 2,690 484 474 16,553 1923—March 37,188 5,518 2,232 2,079 19,586 April 384 36,548 6,546 2,223 December 2,769 630 390 1923—March 3,315 755 7,258 19,644 May 36,741 8,564 2,250 8,177 18,816 June 389 36,689 17,291 2,227 April 3,339 761 392 May 3,067 680 13,345 19,368 My 2,195 28,375 19,532 CENTRAL BANK DISCOUNT RATE June 2,753 733 (.•per cent): J 1921—June VALUE OF EXPORTS (actuals): I 1922—June 1921—June I 38,152 1,750 336,899 September 1922—June, 52,146 1,551 428 335,117 December September 62,511 1,741 291 313,197 1923—March December 58,883 2,779 423 344,328 April 1923—March 60,921 2,474 436 341,320 May April 62,871 325,450 May 71,555 2,675 316,649 June 329,000 July June 62,880 2,479 II. PRICES AND EXCHANGE. VOLUME OF EXPORTS (relatives):» WHOLESALE PRICE INDEX (rela ives):1 1921—June 78 112 1921—June 197 311 142 1922—June 98 107 1922—June 169 304 79 161 September 142 96 September 165 294 291 164 December 132 97 December 106 315 1,665 164 1923—March 99 87 1923—March 175 372 6,770 169 April 82 84 177 102 81 April S64 6,425 169 May 82 May 175 363 8,237 167 June 81 June 174 371 14,639 164 RETAIL PRICE INDEX (relatives):* VALUE OF IMPORTS (actuals):' 1921—June 219 312 10 144 1921—June 88,172 1,724 185,690 1922—June 307 38 141 1922—June 84,298 1,852 565 260,461 September 179 291 114 140 September 76,944 1,893 422 298,497 December 180 305 612 147 D ecember 94,912 2,923 590 293,789 1923—March 176 321 2,627 142 1923—March 50,022 2,487 503 398,178 April 174 320 2,704 143 April 86,417 2,560 364,230 May 170 325 3,521 143 May S9.479 2,597 | 372,544 June 331 6,979 144 June 89,S00 328,000 FOREIGN EXCHANGE (.per cent of par): 1921—June 77.70 41.83 6.061 VOLUME OF IMPORTS (relatives):8 1922—June 91.48 45.41 1.370 1921—June 61 30 121 September 91.04 39.68 .287 1922—June 117 66 191 December 94.73 37.46 .062 September 112 80 197 1923—March 96.49 32.77 .020 D ecember 132 71 224 April 95.66 34.54 .017 1923—March 111 86 262 May 95.05 34.39 .009 April 113 105 244 June 94.83 32.65 .004 May 122 66 236 July 94.IS 30.52 .00 June 97 134 206

1 A full explanation of this table, including a list of the sources employed, appears in the BULLETIN for February, 1923, pp. 182-185. 1 Amounts stated in millions of pounds sterling, millions of francs, billions of marks, and millions of dollars. • Monthly average in 1913 is taken as 100, except for Germany, where July, 1914=1. ' United Kingdom and France—July, 1914=100; Germany—Oct. 15,1913-June 15,1914-100; United States—1913 average=100. U913-100. • United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Germany—number of applicants for every 100 available positions; United States—an index of employment in 12 representative trades, 1919 being taken as 100. • Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks ,and thousands of dollars. 81913=-100. Figures for United Kingdom refer to quarterly period.

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declined to an even greater extent. Thus, the Reichsbank statements show an increase of circulation for the week ending June 30 from 13.3 to 17.3 trillions, while the mark depreciated during that week from 100,000 to 167,000 per dollar. During July the depreciation of the mark and the increase of note circulation continued at a very rapid rate. South American developments.—A gradual improvement in the economic situation in Argentina has been apparent since the beginning of the year. Exports of grain, hides, wool, and sheep continue on a satisfactory scale at good prices, and imports are increasing. One evidence of more active business is that bank clearings in Buenos Aires during the first quarter of the year were over 9,300,000,000 paper pesos, or about 5 per cent larger than in the same period in 1922. The condition of the crops has been reported as satisfactory, but the live- stock industry still continues in a depressed condition. Little change has occurred in the bank- ing situation, ample cash reserves and low interest rates prevailing. The budget of Argentina, as approved by the legislature in July, provides for the expenditure of 638,000,000 paper pesos, compared with 566,000,000 pesos in the revised budget for 1922. The outstanding event in the Brazilian economic situation has been the sharp fall in the price of coffee and the improvement in exchange caused by substantial sales of future coffee bills. Imports of merchandise into Brazil have increased largely since the beginning of the year, while the increase of exports has been relatively small. There have been failures of several important private banking and brokerage houses in Eio de Janeiro in the early part of June, involving losses estimated at about 14,000,000 milreis. The Minister of Finance has recently been authorized to draft regulations for the operation of the Banco do Brasil as a bank of issue. An important development in Chile has been the announcement by the Nitrate Producers' Association that prices of nitrate for the coming year will be on approximately the same basis as those prevailing during the past year. Large sales were reported following this announce- ment and business generally has been more active. Crops are good, and the production of wheat, oats, and barley is estimated as larger than last year. Chilean exchange has been irregular since the beginning of the year. In May and the early part of June it advanced steadily, but since June 11 the movement has been reversed.

BANKING FAILURES IN NORWAY, DENMARK, AND CZECHOSLOVAKIA. The readjustment of economic conditions caused largely by internal conditions of the that began in 1920 in most countries of the banks themselves. world had its effects not only upon commercial houses, which suffered from the great decline NORWAY. in prices, but also upon banks which had over- extended credits or had heavily invested in The effects of the postwar readjustment war-time enterprises. As a result, a period of upon Norwegian banks were first felt in 1922. banking failures and reorganizations set in which Not only various small institutions but also affected even some of the most important finan- two of the most important banks in the cial institutions of the world. While in most country, the Centralbanken for Norge and the countries the larger financial institutions went Foreningsbanken, also known as Andresens through this period of readjustment without im- og Bergens Kreditbanken, were forced to apply pairment of their credit, the banking difficulties for aid. The Centralbanken for Norge was of Norway and to a lesser degree of Denmark established in 1900 and at the end of 1921 were so severe that they affected some of the had a subscribed capital of 51,000,000 kroner largest institutions of the two countries and and a surplus of 18,000,000 kroner. The bank caused the Governments to pass special laws. first got into difficulties in the spring of 1922. In Czechoslovakia the difficulties of the banks In order to avoid a general banking crisis the did not assume national proportions and were Bank of Norway (the central bank of issue)

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and a number of commercial and savings banks According to the law of March 24, 1923, a placed at its disposal a sum of about 50,000,000 savings bank or a joint-stock bank which has kroner. A few months later, in the fall of 1922, suspended payments but whose liquidation the Foreningsbanken also applied for support, may jeopardize important public and private and an equal sum was advanced to it. The interests, may submit a request to the Treas- Foreningsbanken is an amalgamation of two ury Department to be placed under public large Norwegian banks, namely, the Andresen administration for a period of one year, which Bank of Christiania, founded more than 100 may be renewed upon application for one year years ago, and Bergens Kredit Bank, estab- at a time. Such a request must be submitted lished in 1859. The amalgamation took place by the board of directors of the bank and in 1920 and the combined banks had a capital recommended by the Bank of Norway, after of 70,000,000 kroner and a surplus of 42,000,000 which the decision rests with the Treasury kroner. The total losses of the Forenings- Department. Upon favorable decision, the banken were at that time estimated to be about Bank of Norway appoints a board of trustees 84,000,000 kroner, and 42,000,000 kroner were and a controlling committee. From the time described as uncertain. In November, 1922, the when application has been made until it is re- Bank of Norway suggested that the capital and jected or the administration is discontinued, surplus of the Foreningsbanken be written no levy or sequestration may be taken of the down to 10,000,000 kroner, so that the total property of the bank nor a compulsory sale working capital of the bank, including 50,000,- effected unless a right of seizure has been ac- 000 kroner advanced by other institutions, quired before application for public adminis- amounted to 60,000,000 kroner. The boards tration has been made. Within three months of directors of both banks under discussion after it.s appointment the new administration were thoroughly reorganized and it was gen- of the bank has to submit to the Treasury erally believed that the crisis was over and that Department and to the Bank of Norway a the banks under their new management would report of the position of the bank, a survey of soon recover. its management prior to its being placed under administration, and a summary of the work of The original causes of the failures of the Cen- the new administration. New deposits or tralbanken, the Foreningsbanken, and other transactions executed by the new administra- banking institutions in Norway are to be found tion have preferential rights over old claims in in the general decline of the price level during case the bank should be forced to liquidate. 1920 and the next two years, the overexpansion Deposits and other claims dating prior to the of business and credit at the time when prices bank being placed under public administration reached then* climax, and adverse economic continue to bear interest which at any time is conditions prevailing all over the world which 2 per cent below the official discount rate of the affected to a very large extent the shipping and Bank of Norway. All new business transac- fishing industries of the country. To these tions are kept in separate books. eneral causes, which exercised a disturbing in- Guence in practically all countries, should be Up to the end of May, 1923, more than 18 added the governmental restrictions upon in- banks availed themselves of the opportunity dustry and trade and heavy taxation. this law affords and filed applications to be Government legislation.—The aid extended by put under public management. In its com- the Government to the Centralbanken for munication to the public, the Government Norge and to the Foreningsbanken was an stated that the main intention of the law is to independent action for which the Government counteract the effects of banking failures which had no authorization from Parliament. On have taken place in the pa,st and to enable March 24, 1923, the Norwegian Government those banking institutions which face temporary enacted a temporary law intended to render difficulties to continue their business in a quiet assistance to banks in difficulties. The main manner so as to restore public confidence and purpose of the law was to aid the smaller improve the position of the creditors of the banking institutions outside of Christiania bank. It may also be added that the new law- which, when in difficulties were obliged to help tended to prevent runs on banks with their themselves as best they could or close their disastrous effects on the general public. While doors, while the larger banks such as the it is true that the law had a reassuring effect Centralbanken or the Foreningsbanken re- upon banks under public administration, it ceived aid from both Government and other affected adversely some banking institutions banking institutions. which did not enjoy a high credit standing,

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and which were not under public administra- became known started a run on the bank. To tion. It is generally believed that the law of judge from the bank's report for the year 1922, March 24 stimulated the shifting of funds from made public in March, 1923, the bank seemed such banks to those under public administra- to be on the road to recovery, and its activities tion in which new deposits have priority rights developed along lines which appeared sat- over claims originating during the period be- isfactory. fore the bank was placed under public adminis- Government guarantee of deposits.—Imme- tration, a fact which naturally brought hard- diately after the failure of these banking ship upon weaker institutions not under public institutions, Parliament went into session to control. Hence the opinion is widely held that discuss Government guaranties and other the law which was intended to prevent further measures in order to relieve the two banks failures was one of the causes responsible for under discussion and others that might be the banking difficulties in 1923. forced by the prevailing banking crisis to apply Banking difficulties in 1923.—The second for public administration. In their negotiations phase of the Norwegian banking crisis began with the Treasury Department and the Bank on April 23, 1923, when the Foreningsbanken of Norway the Centraibanken for Norge and announced its intention to suspend payments the Foreningsbanken intimated that the most under the provisions of the act of March 24, rational assistance that could be rendered would 1923, and applied to be placed under public be a Government guaranty in favor of the administration. The application upon being bank's depositors and creditors for a number of approved by the Bank of Norway was granted years. Such a guaranty, it was stated, would by the Treasury Department. After a careful facilitate the activities of the banks in pro- examination of the accounts of the bank the curing new deposits and in holding their old new board of trustees stated that the total customers. As a result of these deliberations on April 26, 1923, the Government passed the loss of the bank amounted to 105,800,000 J kroner, as against 84,000,000 kroner calculated following bill: in November, 1922. It meets with the Storthing's approval that the King, The immediate causes of the suspension of until such time as the Storthing may otherwise determine payments were the inability of the bank to and when important public considerations make it neces- sary, in behalf of the Government, issue a guaranty for the maintain its payments resulting from the con- performance of obligations which banks, placed under tinuous withdrawal of deposits. The with- public administration in accordance with the law of March drawal of deposits was accelerated by the law 24, 1923, and which, after careful investigation, must be of March 24, since it induced many depositors considered as possessing qualities sufficiently sound to warrant their continuance in business, may assume after to withdraw funds from the banks which did they have been placed under such administration. The not appear safe enough and to deposit them in King, or such person as he may designate, shall in each banks under public administration or to place case decide the detailed regulations concerning the class them in banks abroad. The situation became of obligations for which guaranties are to be issued and the amounts for which banks are to be permitted to assume still more complicated by the fact that large new obligations. The guaranties can be given only for amounts of time deposits, notice of withdrawal the purpose of enabling banks to continue their regular of which had been given in October, 1922, fell activities within a modest sphere. In each bank there is due. Since the Bank of Norway was unable to to be established a thorough control of the management of furnish additional rediscount credits, the officers the bank, which may possibly take place through a bank of the bank recommended that the independent commission chosen by the Storthing. activity of the bank be discontinued, that the Through this regulation the Government pre- bank suspend payments and apply for public vented further disasters which might have administration, a proposal which took effect on arisen from the failure of banks, for depositors April 24, 1923. and other creditors of banks in difficulties and On the next day the Centraibanken for Norge under public administration have now better found it necessary to follow the example of prospects to recover their claims. Finally the Foreningsbanken and to apply to the Bank the guaranty of new deposits by the Govern- of Norway and the Treasury Department to be ment enabled the banks to secure new deposits placed under public administration. The ap- with which to continue their operations. At plication was granted and the bank suspended present the anxiety of the public with regard payments on the same date. The immediate to recent bank difficulties has subsided and cause of this step was the attitude of depositors JIn the FEDERAL RESERVE BULLETIN for May, 1923, p. 577, appeared a and other creditors, who as soon as the sus- statement that the Danish act guaranteeing bank liabilities was passed on April 26. This is not the correct date, since the Danish act was pension of payments by the Foreningsbanken passed on February 4, and the Norwegian act on April 26,1023.

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the banks are rapidly recovering. One of the authorized the Government to participate in more important results of the bank failures is the reorganization of the bank. According to that large amounts of deposits have been the reconstruction scheme, the entire surplus transferred from private banks to savings and 90,000,000 kroner of the outstanding banks and to the more powerful banking capital were written off. New preferential institutions of the country. shares of 90,000,000 kroner were to be issued and subscribed for by the National Bank of DENMARK. Denmark, the East Asiatic Co., and the Great Northern Telegraph Co., and the National In Denmark also a number of banks were Bank of Denmark placed 30,000,000 kroner at forced either to close their doors or to undergo the disposal of the bank as a new surplus fund. a more or less complete reorganization. The At the same time, a Government guaranteed first bank of importance to undergo a reor- credit was arranged with the last-mentioned ganization was the Copenhagen Discount and institution which enabled the Landmands- Revisions Bank (Kjobenhavns Discontobank og bank to draw upon the national bank in Revisionsbank) established in 1919. It is an case of contingencies arising during the period amalgamation of the Kjobenhavns Loans og of transition. Discontobank, founded in 1895, and the Re- A more careful examination undertaken by visionsbanken i Kjobenhavns, founded in 1903. the new management of the bank revealed Early in 1922 this institution was forced to that the losses incurred by the bank surpassed write off 26,000,000 kroner of its total capital of by far the estimates of the official bank in- 48,000,000 kroner, the entire surplus of the spector made in September, 1922. Losses previous j^ear, its del credere fund, and 9,000,000 from transactions in connection with the kroner of its reserves. The capital stock of the Transatlantic Co. alone proved to be about bank was increased by_ the issue of new shares of 132,000,000 kroner, while the aggregate amount 14,000,000 kroner, which were taken over by the to be written off amounted to about 230,- National Bank of Denmark, and some of the 000,000 kroner. This loss absorbed not only leading banking institutions of the country the capital and surplus which had already extended to it a loan of 20,000,000 kroner. been written off in September, but also de- The bank after reorganization had a working creased the newly subscribed capital to 40,- capital of 60,000,000 kroner, consisting of 000,000 kroner. 38,000,000 kroner capital, 2,000,000 kroner In view of these heavy losses and the steady surplus, and 20,000,000 kroner loans from decline of deposits of the bank, the new manage- other banks. ment in its report of February 1, 1923, informed The Danish Landmandsbank.—A few months the Government that under existing condi- after the reorganization of the above-mentioned tions the affairs of the bank could be continued bank, the Danish Landmandsbank, one of only if for a certain period of time the Govern- the most important Danish banking institu- ment would undertake to guarantee the tions engaged in international commerce and amounts due to depositors and other creditors, finance, informed the Danish National Bank and suggested that the Government obtain leg- that its position was such that drastic steps islative authority to undertake such guaranty. were necessary to avoid a catastrophe. The The official bank inspector approved this sug- Landmandsbank was established in 1871 and gestion and early in February, 1923, the Minis- since 1918 absorbed several old established ter of Trade submitted a bill to Parliament banks. At the end of 1921 it had a capital providing Government guaranty for the Land- of 100,000,000 kroner and a surplus of over mandsbank liabilities. The most important 50,000,000 kroner. It was generally known section of the bill, which passed both houses that the bank had suffered heavy losses on February 4, 1923, reads: from its transactions with the Transatlantic The State takes over, with binding effect until April 1, Co., a war-time enterprise, and therefore 1928, a full guaranty of all legally valid claims on the Land- despite the fact that the bank showed mandsbank, equally in respect of depositors and all other large profits for the year 1921, the value creditors, in so far as these claims can not be covered by of its outstanding stock decreased from the bank's share capital, reserves, and other funds. 123 in March to 110 in July. An investiga- Other clauses of the act deal with the appoint- tion made at that time by the official bank ment of a committee to consider any possible inspector estimated that the loss of the bank complaints from private banks on the ground amounted to about 144,000,000 kroner. To that the State guaranty for the Landmandsbank avoid a general banking panic the Parliament is injurious to their interests. The act providing

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State guaranty for all liabilities of the Land- mismanagement and lack of proper super- mandsbank has had a very beneficial influence vision. According to a statement of the Min- upon the later development of the bank. ister of Finance made in Parliament, the failure While before February 4 large sums were of the Moravian-Silesian Bank was due to over- withdrawn from the Landmandsbank, and extension of credit to persons and firms of poor deposited with other banks at home or credit standing, to lack of supervision on the abroad, immediately after the State guaranty part of the management, extension of credit not act became known, the Privatbank and sufficiently secured to persons connected with Handelsbank deposited with it 50,000,000 the bank, and to the practice of buying up their kroner and 25,000,000 kroner, respectively, own shares and charging them to the account thus providing the bank with the necessary of the bank. working capital. In March the deposits of The losses of the three banks were very heavy. the Landmandsbank increased 4,000,000 kro- According to a report to the stockholders made ner and in April, 34,000,000 kroner. At the public on May 23, 1923, the assets of the Mora- end of April private deposits of the bank vian-Silesian Bank amounted to 170,177,917 amounted to 766,000,000 kroner and deposits crowns and the liabilities to 364,639,699 crowns, of other banks to 111,000,000 kroner, the total thus leaving a deficit of 194,461,782 crowns. deposits thus being 877,000,000 kroner. In The failure of these three banks affected most its report covering the activities of the year of the other banks, but especially the smaller 1922, the bank showed a gross profit of 22,- institutions, from which large amounts were 900,000 kroner and a net profit of 12,300,000 withdrawn either to be hoarded or to be de- kroner, which was used to write off bad debts. posited with larger banks. The intervention In addition to these two institutions, smaller of some of the powerful banks of the country banks of local importance were forced to close prevented the development of further serious their doors or were absorbed by larger institu- results, and with the liquidation of the three tions. The total amount of losses and liqui- above-mentioned institutions it is generally dation of all Danish banks was estimated believed that the crisis has passed. to be about 400,000,000 kroner. Although As a direct result of the recent banking fail- holders of bank stock lost heavily, none of the ures the Government promised to introduce a money of depositors was lost. bill in Parliament designed to protect deposi- tors and shareholders against losses due to bank CZECHOSLOVAKIA. failures in the future. The Government also Banking difficulties in Czechoslovakia were promised to supervise more carefully the activi- not as severe as in Norway. Although three ties of the banks in order to prevent mismanage- important banking institutions, the Moravian- ment and violations of the bank laws. Silesian Bank (Moravsko Sleska Banka), the Bohemian Foreign Banking Corporation, and SUMMARY. the Pozemkova (land) Bank were forced to close their doors, the other banks, especially the The difficulties which banks in all industrial large financial institutions of the country, were countries of the world met during the past able to go through this period without any con- two years were in most cases caused by the siderable losses. The Moravian-Silesian Bank general readjustment that followed the de- was founded in 1911, and at the end of 1921 had cline in prices in 1920. Overextension of a capital of 40,000,000 Czechoslovak crowns, credit, participation in war-time enterprises, a surplus of over 8,000,000 crowns and 17 branch bad debts, speculation in securities and foreign offices all over Czechoslovakia. The Bohemian exchange are the fundamental causes of the Czechoslovak Foreign Banking Corporation was difficulties of most banks, to which, in some founded in 1909 with a capital of 25,000,000 instances, mismanagement and inadequate pre-war Austrian kronen. In January, 1922, banking supervision should be added. The the bank had a capital of 25,000,000 crowns banking crisis assumed a severe character in and a surplus of 19,754,000 crowns and a num- Norway, where the Government, as in Den- ber of branches at home and abroad, including mark, took an active part in the reorganization one in Paris and one in New York. of the banks which suspended payments. In The failures of the Czechoslovakian banks both countries special laws were passed in were due only in a small degree to the general order to prevent a further spreading of bank- industrial depression which followed the rise of ing failures. Government guaranty of deposits Czechoslovakian exchange and the decline of proved to be successful in preventing the with- the price level, but were largely attributed to drawal of funds on a large scale.

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PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. The trend of wholesale prices in June, according to the indexes of the Federal Reserve Board, was downward in the United States, England, and Canada. Prices in France, on the other hand, rose between 2 and 3 per cent, while Japanese prices remained the same as in May. The downward movement of prices since April has been especially marked in the United States, prices having receded to the level of last September following a pronounced rise in the early months of the present year. In the other four countries, however, the level of prices is distinctly higher than in the latter months of 1922. When converted to a gold basis, the British index continues to move in close sympathy with American prices. French prices figured on a gold basis remain relatively low, in spite of the great rise of domestic prices in terms of francs that has taken place since last October. During June goods in all stages of manufacture declined in price in England, Canada, and the United States. The rise in French prices occurred chiefly in consumers' goods, producers' goods declining, while in Japan the advance in the consumers' goods group was counterbalanced by declines in raw materials and producers' goods.

INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 1913 - 100 600 550 550 500 N 500 i fSO \ 450 t \ 400 V 400 350 \ NCE 350 r"' J 300 300 / \ 250 250 7 \\ CNGL [HO 200 200 JAPAN/ 175 \ N 175 CMAOA\ -»» 150 ISO uV/T£D TTATB

125 125

J.F. M.A.M.J. J.A.S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. H. D. J. F. M. A.M. J. J. A. S. 0. N. D. J. K M.A.M.J. J. A.S. 0. N. D. 1919 1920 1921 1922 1923

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The tables below give the all-commodities currencies and "converted to a gold basis." and group index numbers of wholesale prices in The latter figures take into account the depre- the five countries included in the Federal Re- ciation of the foreign currencies in terms of serve Board's international index. In the the American dollar and indicate relative price first table the all-commodities index for each levels in the several countries when all prices country is shown both in terms of the respective are expressed in dollars.

INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD.

Based on prices in respective currencies. Converted to gold basis.

Year and month. United United States. England. France. Canada. Japan. States. England. France. Canada. Japan.

100 100 100 100 100 100 100 100 100 100 211 241 207 211 218 199 239 314 478 250 239 237 174 223 148 201 321 167 181 148 159 124 150 175 157 167 298 149 182 157 152 126 147 175

1922. 161 169 304 153 187 161 155 138 151 179 July 165 171 307 154 195 165 156 131 152 187 165 168 298 149 187 165 154 123 149 179 164 165 294 144 179 164 150 117 144 171 October 165 163 294 145 174 165 148 112 145 168 164 165 307 147 172 164 151 109 147 167 December 164 166 315 147 173 164 157 118 146 170

1923. January 165 167 324 148 176 165 160 112 147 172 February 166 170 355 152 183 166 164 113 150 178 169 175 372 155 185 169 169 122 152 180 April 169 177 364 156 185 169 169 126 153 181 |&y 167 175 363 155 187 167 166 125 152 184 TllTie 164 174 371 153 187 164 164 121 150 184

GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.'

192S 1922 1923 1922 Countries and commodity Countries and commodity groups. groups. June. May. Apr. Mar. June. June. May. Apr. Mar. June.

UNITED STATES. CANADA.

All commodities... 164 167 169 169 161 All commodities... 153 155 156 155 153 Goods produced... 159 162 165 164 158 Goods produced... 151 152 153 152 151 Goods imported... 149 155 156 154 124 Goods imported... 166 171 173 173 162 Goods exported... 182 179 186 193 163 Goods exported... 146 148 152 151 149 Raw materials . 171 176 181 184 167 Raw materials 140 144 143 141 143 Producers' goods.. 164 167 169 165 141 Producers' goods.. 168 169 168 166 150 Consumers' goods. 157 158 158 155 164 Consumers' goods. 167 166 170 173 168 JAPAN.

All commodities... 174 175 177 175 169 All commodities... 187 187 185 185 187 Goods produced... 173 175 176 174 172 Goods produced... 188 188 185 184 191 Goods imported... 167 167 170 169 154 Goods imported... 184 186 193 166 Goods exported... 185 189 191 185 158 Goods exported... 195 213 214 212 192 Raw materials 177 179 180 178 167 Raw materials 186 190 192 194 168 Producers' goods.. 158 159 161 158 148 Producers' goods. 185 188 190 191 Consumers' goods. 175 177 180 179 186 Consumers' goods. 185 180 178 196

All commodities... 371 363 364 372 304 Goods produced... 358 351 355 360 305 Goods imported... 436 420 420 442 295 Goods exported... 374 365 383 400 292 Raw materials 418 412 413 421 327 Producers' goods.. 312 318 317 318 231 Consumers' goods. 350 326 335 349 327

1 Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920 June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL RESERVE BULLETIN. 923

COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES.

ALL-COMMODITIES INDEX NUMBERS.!

EUROPE.

Spain; Bul- Czecho- France; Ger- Ger- Nether- Norway Insti- Sweden: Bel- garia; slo- Den- General many; many; Italy; lands; (Chris- Poland; tute of Gote- Sweden; Year and month. gium; General vakia; mark; Federal Central borgs Minis- Statis- Central Finans- Statis- Frank- Statis- Bie- Central tiania); Statis- Geog- Han- Board try of tical Bureau tid- tical furter tical cardo Bureau Oekon- tical raphy dels- of Labor.2 Bu- Bu- Zei- Bu- Bachi/ of Sta- omisk Office.* and tid- Trade of Sta- ende.» reau.* tung.» 5 tistics.' Eevue.* Sta- reau. tistics.' reau. tistics.' ning.i" (128) (38) (126) (33) (45) (98) (38) (100) (53) (92) (58) (74) (47) (160)

1913 100 100 "1.0 100 100 100 " 100 H100 1914 . 15 100 103 "100 "100 101 18 1.0 1.1 95 105 201 101 116 1919 " 1,166 294 356 4.2 364 297 si 322 204 330 1920 1 940 382 510 8219.7 14.9 631 281 382 221 347 359 1921 . 2 006 250 345 22 21.3 19.1 578 181 298 190 211 21S 1922 367 2,473 1,355 179 327 327.2 341.8 562 160 233 1,376 176 162 173 1922. 356 2,436 1,464 180 325 91 70 537 167 230 877 178 164 174 July. 360 2 489 1 386 180 325 140 101 558 162 232 1,016 175 165 173 360 2,526 1,155 178 331 291 192 571 155 227 1,358 175 163 173 364 2,531 1,059 176 329 432 287 582 153 225 1,524 174 158 170 October 385 2,558 1,017 180 337 945 566 601 156 221 2,013 172 155 169 408 2,564 999 182 352 1,665 1,151 596 158 221 2,756 174 154 163 407 2,630 1,003 181 362 2,054 1,475 580 158 220 3,464 172 155 163 1923. 434 2,657 1,019 192 387 7,159 2,785 575 159 220 5,487 170 156 163 474 2,666 1,028 199 422 6,770 5,585 582 158 224 8,591 170 158 165 March 482 2,828 1,031 200 424 6,425 4,888 586 164 229 9,885 171 162 168 April .. 480 2,757 1,029 204 415 8,237 5,212 588 163 231 10,589 174 159 168 May 474 2,613 1,000 202 407 14,639 8,170 580 163 233 11,254 171 158 166 484 2,545 967 207 409 39,898 19,30) 568 163 230 18,814 170 160 164 July 504 207 407 234,828 183,510 235

EUROPE—continued. NORTH AMERICA. ASIA AND OCEANIA. AFRICA.

United United Aus- China Dutch India New Egypt South Switzer- King- United United States; Canada; tralia; (Shang- East (Cal- Japan Zealand; (Cairo); Africa; Year and month. land; dom; King- King- Bureau Depart- Bureau hai); Indies; cutta); (Tokyo); Depart- Depart- Office of Dr.J. Board dom; dom; of Labor ment of of Cen- Muus- Statis- Depart- Bank of ment of ment of Census Econo- sus and try of tical ment of 6 and Lorenz.' of Statist.* Sta- Labor." Sta- Bu- Japan. Statis- Statis- Statis- mist. Fi- 28 Statis- tics .» Trade. tistics. tistics.* nance. reau. tics.* tics. tics. (71) (150) (44) (45) (404) (271) (92) (147) (17) (75) (56) (106) (23) (187)

1913 . 100 100 100 100 100 "100 100 100 100 1914 "100 99 101 98 101 "100 99 28 100 95 104 »100 100 1919 235 242 206 217 180 a 133 217 198 236 178 225 170 1920 22 320 307 283 295 226 246 218 140 275 204 259 212 299 231 1921 195 197 181 188 147 182 167 145 176 181 200 201 171 166 1922 .. 166 159 159 155 149 165 154 146 164 180 196 177 145 133 1922. 161 160 163 159 150 165 156 144 164 183 197 175 139 July 163 160 163 157 155 166 157 145 167 181 201 177 138 131 163 156 158 152 155 164 155 142 163 178 195 177 139 163 154 156 150 153 163 158 139 160 176 193 174 138 October 169 155 158 153 154 162 159 143 160 177 190 174 140 133 170 157 159 153 156 164 162 143 160 178 188 175 144 December 175 156 158 152 156 165 161 149 160 176 183 172 147 1923. 175 157 161 153 156 165 163 153 161 179 184 171 141 133 181 158 163 155 157 166 161 158 172 180 192 172 137 186 160 163 156 159 167 163 159 174 181 196 173 136 187 161 164 157 159 168 167 158 178 196 174 133 130 May 181 160 164 155 156 169 158 177 199 175 134 180 159 160 150 153 167 155 175 198 128 July 155 155

• The number of commodities or quotations 7 Based upon price of 52 commodities during " July 1,1912, to June 30,1914=100. in each index is indicated by figures in paren- 1920; 53 during 1921. i» July, 1914=1. theses at head of each column. »End of year and end of month. 20 January, 1914—1. 2 Average of last half of month. »15th of the month. 21 December figure. • Figures as of the first of the following month. i» Middle of month. 22 January figure. • End of month. i»1913average=l. 23 As of last Wednesday in month. 6 Average for the monlh. « July 1,1913, to June 30,1914=100. "February, 1913=100. • 38 commodities prior to 1920; 76 commodi- i* Corresponding month in 1913= 100. M End of July, 1914=100. ties during 1921. End of month. '•'April, 1914=100. " Jan. 1,1913, to July 31,1914-100. i« July, 1914-100. 11 September figure.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 924 FEDEBAL BESEEVE BULLETIN. AUGUST, 1923.

The foreign index numbers published on the numbers for the other countries are published preceding page are constructed by various only occasionally, but such figures may be foreign statistical offices and are sent to the obtained from the Division of Research and Federal Reserve Board by cable. References Statistics at any time upon request. to the BULLETINS in which these are described A comparative summary table showing the may be found in the January, 1923, issue. board's international index for the United Index numbers showing the price levels of States, England, France, Canada, and Japan separate groups of commodities in the United appears on page 922. Group index numbers, States and a few foreign countries are presented computed as part of this international series, below and on the following page. Group index will also be found on that page. •

GROUP INDEX NUMBERS-UNITED STATES-COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY FEDERAL RESERVE BOARD.

Raw materials.

Pro- Con- All Year and month. Agricul- Animal Forest Mineral Total ducers' sumers' commodi- tural products. products. products. raw ma- goods. goods. ties. products. terials. (21) (21) (11) (35) (88) (117) (199) (404)

1913 100 100 100 100 100 100 100 100 1919 251 221 211 179 217 179 211 206 1920 . . 255 186 311 236 228 215 231 226 1921 134 110 165 184 142 135 159 147 1922 145 125 185 207 158 128 151 149 1922. 146 123 186 211 159 127 151 150 July 147 130 188 241 171 129 152 155 August 138 127 191 261 173 129 149 155 136 132 199 236 168 132 150 153 October . 147 132 204 218 166 135 152 154 November 160 129 207 209 166 136 155 156 161 128 210 208 167 135 157 156 1923. 164 125 215 213 168 136 155 156 February 170 123 220 207 167 141 155 157 March 174 123 227 202 167 148 156 159 April 172 123 232 198 166 150 157 159 May 167 122 226 189 161 148 156 156 June. . 165 119 215 184 158 144 155 153

GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS.

Metals House Farm Cloths and Building Chem- All prod- Foods. and Fuel and mate- icals and furnish- Miscel- commod- Tear and month. clothing. lighting. metal ing laneous. ucts. products. rials. drugs. goods. ities. (56) (110) (65) (20) (37) («) (43) (31) (25) (404)

1913 ... 100 100 100 100 100 100 100 100 100 100 1919 231 207 253 181 162 201 169 184 175 206 1920 218 220 295 241 192 264 200 254 196 226 1921 124 144 180 199 129 165 136 195 128 147 1922 ...... 133 138 181 218 122 168 124 176 117 149 1922. junfl 131 140 179 225 120 167 122 176 114 150 July 135 142 180 254 121 170 121 173 114 155 131 138 181 271 126 172 122 173 115 155 September 133 138 183 244 134 180 124 173 116 153 October 138 140 188 226 135 183 124 176 120 154 Nnvemrtftr 143 143 192 218 133 185 127 179 122 156 December.... 145 144 194 216 131 185 130 182 122 156 1923. January 143 141 196 218 133 188 131 184 124 156 February 142 141 199 212 139 192 132 184 126 157 March 143 143 201 206 149 198 136 185 127 159 April.. 141 144 205 200 154 204 136 187 126 159 May 139 144 201 190 152 202 134 187 125 156 June 138 142 198 186 148 194 131 187 123 153

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GROUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN COUNTRIES. FRANCE.i SWITZERLAND.8

July, June, May, July, July, June, May, April, June, June, Groups. 1923. 1923. 1923. 1922. 1921. 1923. 1923. 1923. 1922. 1921.

All commodities 407 409 407 325 330 All commodities 180 181 187 161 179 AUfoods 385 388 384 330 366 Consumers' goods 177 177 179 167 215 Animal foods 393 400 409 359 353 Agricultural product; 151 155 Io9 141 141 Vegetable foods 340 346 311 293 364 Industrial products.. 198 200 207 171 144 Sugar, coffee, cocoa I 455 449 485 339 393 All industrial material 425 425 425 322 301 Minerals 376 367 377 265 253 UNITED KINGDOM—BOARD OF TRADE.i Textiles 527 544 537 392 290 Sundries 408 406 403 326 343 All commodities 159 160 161 160 198 Total food .. 153 150 149 169 213 141 144 141 155 200 GERMANY—FEDERAL STATISTICAL BUREAU.* 148 150 151 172 218 Other foods.. 168 154 155 179 220 All commodities 183 510 19 305 8,170 101 Total, not food 163 166 169 155 190 Goods produced. 160 841 17 029 7,084 93 153 157 160 138 212 Goods imported. 296 857 31 166 13,601 139 Other mineral and metals. 147 152 155 139 189 197 193 201 187 180 Other textiles 169 174 175 165 160 GERMANY—FRANKFURTER ZEITUNG.a 165 165 165 164 198

All commodities 286,248 39,898 14,639 140 UNITED KINGDOM—STATIST.! Foodstuffs and luxuries 234,828 37,683 12,575 137 Textiles and leather 457,915 61,841 27,640 197 Minerals 407,450 45,301 17,577 184 All commodities. 150 155 157 159 183 Miscellaneous 212,135 34, 736 10,924 110 Foodstuffs 154 163 165 178 207 Industrial finished products. 210,521 29,809 10,233 100 Animal foods 157 166 171 196 206 Sugar, coffee, tea 190 215 212 154 156 Vegetable foods.. 137 139 139 166 226 NORWAY,' Materials 148 150 153 147 168 Minerals 138 142 144 122 157 All commodities 235 230 233 232 300 Textiles 169 168 169 167 164 Animal foods 208 203 206 248 301 Sundries 141 144 148 155 181 Vegetable foods 232 211 210 244 408 Coal and coke 314 333 328 237 388 Iron 275 270 273 253 307 CANADA.' Metals 178 176 179 165 190 Building materials. 176 174 174 179 309 Textiles 179 179 179 141 319 167 169 168 165 179 Hides and leather.. 269 259 267 240 197 130 134 135 143 146 Animals and meats 129 130 129 144 146 115 120 131 115 124 DENMARK.* Fruits and'vegetables 170 172 162 185 169 165 164 163 153 183 June, May, April, June, June, Textiles 192 189 184 180 180 1923. 1923. 1923. 1922. 1921. 99 102 102 99 106 Metals 158 161 160 137 154 213 214 214 213 236 Building materials—lumber. 192 192 193 173 218 All commodities 207 202 204 180 253 Fuel and lighting 204 204 217 221 212 209 206 209 177 250 156 157 156 162 175 Foods group 205 195 197 186 257

ITALY.' INDIA.' All commodities 91 93 94 86 81 175 177 178 183 178 Vegetable foods 105 110 111 109 97 115 115 118 141 150 Other vegetable products 109 122 128 105 95 Pulses 108 110 114 149 165 Animal foods 107 110 114 97 101 265 277 272 221 239 Chemicals 69 70 70 67 63 Tea 202 213 204 137 89 Textiles 85 82 83 74 46 Other articles of food 219 222 207 182 152 Minerals and metals 62 65 66 57 60 138 136 140 156 145 Building materials 84 83 83 76 102 92 86 104 123 76 Sundries 93 92 93 87 90 245 231 231 206 129 Other textiles—silk and wool. 179 162 162 150 132 Other raw and manufactured SWEDEN.' 191 194 211 251 244 Building materials—teak- All commodities 169 158 159 164 218 wood 122 124 127 126 149 Vegetable foods 157 143 142 174 237 Animal foods 133 143 142 165 206 Raw materials for agricnlturi 155 158 158 170 236 CZECHOSLOVAKIA.' Coal 191 227 241 155 371 Metals 126 126 130 121 149 224 All commodities 967 1,000 1,029 1,464 Building materials 206 206 205 209 872 915 951 1,359 Wood pulp 198 198 193 144 286 All foodstuffs 108 Sugar, coffee, sweets 917 1,037 1,075 1,402 Hides and leather 87 87 89 87 928 928 957 1,331 Textiles 215 206 209 172 129 Animal foods 207 Vegetable foods 773 754 791 1,327 Oils 151 150 150 154 Total, not food 1,077 1,098 1,120 1,585 Iron and minerals 1,146 1,156 1,163 1,714 11913=100. Textiles 1,179 1,245 1,224 1,807 2 1913=1. Other industrial mate- ' July, 1914=1; figures as of the beginning of the following month. rials 998 1,005 1,053 1,424 « Dec. 31, 1913-June 30,1914-100. » July 1,1912-June 30,1914= 100; figures as of the beginning of the following month. i 1913=100. • 1920=100. »July, 1914= 100; figures as of beginning of the following month. ' July 1,1913-June 30, 1914= 100. s July, 1914= 100.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 926 FEDERAL RESERVE BULLETIN. AUGUST, 1923.

COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following tables are presented statistics showing the trend of retail food prices and cost of living in the United States and certain other countries. Descriptions of these index numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index numbers have been shifted to a July, 1914, base, instead of being shown on the different bases used in the original computations.

INDEX NUMBERS OF RETAIL FOOD PRICES.

EUROPEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES.

Neth- Year and er- Aus- Czecho- Ger- Ger- Spain Swit- month. tria Bel- France many many lands Nor- Swe- United United Can- Aus- India New slo- (Par- Italy. (Am- (Mad- ler- King- (Bom- Zea- (Vi- gium. vakia. (71 (Ber- way. rid).! den. land.i dom. States. ada. tralia. enna). is).' cities). lin). ster- bay). land. dam).

1914, July. 1 »100 100 100 1 1 MOO 100 100 100 100 UOO 100 100 100 100 100 100 1920, July. 459 373 13 14 452 210 319 190 297 239 258 215 227 194 167 1921, July. 410 306 15 15 501 180 295 184 232 207 220 145 148 161 174 164 1922. 2,421 384 1,475 307 51 48 137 227 183 179 153 170 138 137 146 158 143 July ... 3,282 381 1.430 297 68 71 522 140 233 179 179 153 180 139 138 148 160 144 7,224 377 1,290 289 97 111 531 139 232 178 181 152 175 136 141 149 159 141 13,531 386 1,105 291 154 176 537 141 228 179 180 153 172 137 139 149 161 139 83* 11,907 406 1,016 290 266 288 555 143 220 178 178 155 172 140 138 146 158 139 Nov 11,145 432 984 297 550 605 561 136 216 178 170 156 176 142 139 145 155 139 Dec 10,519 429 962 305 807 831 557 137 215 177 168 156 178 144 140 146 157 138 1923. Jan 10,718 426 941 309 1,366 1,336 542 140 214 180 166 155 175 141 142 145 151 138 Feb 10,784 439 934 316 3,183 3,319 527 143 214 181 165 154 173 139 142 144 150 139 Mar 11,637 439 926 321 3,315 3,323 523 143 214 178 166 156 171 139 145 145 149 141 Apr 12,935 417 927 320 3,500 530 137 212 180 163 158 168 140 143 146 150 142 May 13,910 414 928 325 4,620 214 178 161 161 162 140 140 148 June 14,188 426 933 331 9,347 213 170 161 166 160 141 138 July. 429 321 71,476 162

1 Includes, in addition to foodstuffs, certain items of fuel and light. * April, 1914. 3 Average for 1913. •June.

COST OF LIVING INDEX NUMBERS.

EUROPEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES.

Neth- Year and er- United month. Austria France Ger- Ger- Italy United States Bel- Fin- (Par- many many lands Nor- Po- Swit- United States Can- India New South (Vien- (Mi- (Am- zer- King- (Massa- (Bom- Zea- Afri- gium. land. is). (71 (Ber- lan). way. land. (32 chu- ada. na). cities). lin). ster- land. dom. cities). bay). land. ca. dam). setts).

1914, July.. 1 UOO 100 100 »1 «1 •100 5 100 100 1 •100 100 '100 100 100 100 «100 »100 1920 July 931 341 9 11 441 217 302 252 217 198 190 190 1921, July.. 100 404 1,214 307 11 11 494 208 302 257 205 219 180 157 155 177 133 1922. June 1,871 373 1,137 302 38 41 488 187 255 684 155 180 167 152 146 163 151 121 July 2,645 372 1,142 50 61 488 788 159 184 153 146 165 150 120 Aug 5.932 369 1,159 70 103 491 908 154 181 152 147 164 150 120 Sept 11,305 384 1,160 289 114 164 498 175 249 1,077 154 179 166 152 147 165 150 120 Oct 10,363 406 1,178 195 261 504 1,284 155 178 153 147 162 149 121 Nov 9,701 433 1,169 400 565 505 1,710 158 180 154 147 160 149 122 Dec 9,375 429 1,158 300 612 868 504 176 238 2,310 158 ISO 170 154 148 161 148 121 1923. Jan. 9,454 425 1,150 1,034 1,291 505 3,527 158 178 154 149 156 148 120 Feb 9,601 436 1,149 2,408 2,814 497 5,706 157 177 155 150 155 148 Mar 10,151 434 1,147 324 2,627 2,608 493 172 237 7,618 158 176 169 154 151 154 148 Apr 10,897 411 1,116 2,764 2,596 492 8,351 160 174 155 150 155 149 May 11,440 407 1,096 3,521 9,467 163 170 156 147 153 June 11,513 417 1,109 6,979 •191 173 236 166 169 156 146 151 July 169 i 1 Apr. 15,1914-100. • First half ofl914-100. ' 1913-100. » 1913. • 1910-11-100. • 1909-1913-100. s August, 1913-July, 1914-1. 'June. '1910-100.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL RESERVE BULLETIN. 927

INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES.

UNITED KINGDOM.

PRODUCTION. EXPORTS. IMPORTS. TRANSPORTATION. Unem- Raw ployed Unem- Net cot- British among ployed profits Steel Iron Ves- Ves- railways. of Year and ton, Cot- 12,000,- among indus- month. in- Fin- visible and ton Raw sels sels 000 in- trade Pig gots steel Raw Raw under clear- trial Coal. ished sup- manu- Coal. cot- wet sured union- com- iron. and steel. piy-« manu- fac- ton. wool. hides. con- ing Net Total per- ists. cast- fac- struc- with freight sons. panies. ings. tures- tures. tion. cargo. ton- re- miles. ceipts.

Long Long Long Long Long Square Long Gross Ton- £ ster- Per Per Per 1 1 1 1 1 1 1 1 1 Net 1 1 Monthly av: tons. tons. tons. tons. Bales. tons. yards.* tons. Lbs* Lbs* Lbs. tons. tons. miles.* ling. cent. cent. cent. 1913 23,953 855 639 414 <596 6,117 181 67 7,757 2,003 5,652 2.1 11.7 1920 19,108 670 756 646 1,397 271 374 2,078 158 73 4,508 3,603 3,049 1,546 2.4 15.2 1921 18,388 218 302 238 1,234 142 244 2,055 98 63 5,367 3,313 3,033 1,108 •9,074 13.8 15.3 10.3 1922 20,996 408 486 349 1.064 283 352 5,350 119 92 5,500 1,810 4,975 1,401 9,636 13.3 15.4 7.0 1922. 15,827 369 400 316 1,111 236 315 4,794 127 97 3,105 1,920 4,961 1,160 8,903 12.7 15.7 July 23,135 399 473 345 890 252 447 5,064 111 79 8,277 4,828 1,369 9,561 12.3 14.6 5.9 August 19,151 412 528 338 864 270 381 6,146 81 107 8,154 5,855 1,455 9,398 12.0 14.4 September.. » 25,681 430 556 386 853 279 400 7,083 60 52 8,220 1,617 5,731 1,464 9,204 12.0 14.6 October 21,207 482 565 393 882 347 357 6,195 128 60 5,701 5,590 1,545 9,922 12.0 14.0 9.1 November.. 21, 712 494 601 410 1,056 372 402 6,571 183 60 6,160 5,653 1,568 9,954 12.4 14.2 December.. 5 25,841 534 546 407 1,138 341 364 5,955 205 70 5,711 1,469 5,145 1,429 8,887 12.2 14.0 1923. January 21,219 568 634 480 1,123 353 404 5,612 135 98 5,041 5,281 12.7 13.7 9.9 February... 22,247 543 707 507 1,104 318 346 5,903 130 84 3,955 4 985 11.8 13.1 March 5 27,577 634 803 568 1,024 368 337 7,180 124 78 4,768 1,492 6,043 11.1 12.3 April 21,264 652 749 513 871 387 316 6,841 63 93 4,299 5,980 10.9 11.3 9.8 May 20,464 714 821 537 762 425 410 7,684 54 90 5,520 6,444 10.7 11.3 June 22,417 693 768 602 365 305 6,589 36 80 5,460 1,338 6,339 11.1

i In thousands; 000 omitted. 1 Figures for end of the month. 6 Figures for 5 weeks. In millions; 000,000 omitted. 1 Expressed in yards. • 11 months average.

FRANCE.

PRODUCTION. TRANSPORTATION. Unem- Cotton ployed Year and month. stock at Raw Raw Average Receipts receiving Crude Havre.' cotton for silk for Coal for Vessels daily of princi- municipal Pig iron. steel. Total. Total. consump- consump- consump- cleared. freight pal rail- aid in tion. car 3 Paris. tion. tion. loadings. ways. I ! Metric Metric Metric Metric Metric Metric Metric hly s tons.1 tons.1 Bales.1,' tons.1 tons.1 tons. tons. tons.1 Tons.1 Number. Francs.1 Number. 1913.. "•434 »391 274 1,840 3,685 27,428 629 1,558 2,176 8 165,892 1920. 286 254 225 1,071 4,211 19,577 390 2,005 1,412 479,894 3," 022 1921. 280 255 169 1,333 3,165 16,666 206 1,472 1,803 516,397 20,671 1922. 427 373 148 1,885 4,281 21,923 1,861 2,229 51,107 557,194 1,679 1922. May 442 169 1,548 4,387 18,090 404 2,058 2,340 49,055 495,522 1,636 June 416 358 145 1,800 4,313 32,380 391 1,829 2,473 49,585 504,431 958 July 428 369 153 1,936 4,223 26,325 566 1,631 2,523 50,031 651,720 602 August 447 397 135 1,788 4,512 16,291 579 1,767 2,399 50,875 546,310 606 September... 462 407 99 2,616 4,138 17,302 550 1,692 2,359 54,431 720,210 410 October 503 430 131 2,034 4,543 27,877 722 1,768 2,336 57,185 563,314 272 November... 513 410 158 2,034 4,577 20,387 526 1,965 2,455 56,046 532,152 285 December... 513 414 197 2,429 4,930 36,468 436 2,177 2,366 55,848 691,539 414 1923. January 203 1,896 4,111 33,275 238 1,888 2,146 54,432 484,566 684 February 306 290 169 2,490 3,884 18,405 230 1,732 1,892 55,890 496,581 666 March 316 315 125 1,822 4,087 19,867 285 2,053 2,467 56,528 516,463 588 April 350 355 102 1,513 4,175 17,270 176 1,927 2,485 54,900 647,472 354 May 391 388 84 1,880 4, £02 17,093 298 2,183 2,832 53,660 523,097 199 June 428 64 1,799 4,932 2,804 542,148 166

1 In thousands; 000 omitted. ' End of the month figure. • Railways included are: State Eailways, Faris-Lyon-M6diterran£e, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Guiilaume-Luxembourg. < Bale of 50 kilograms. • Figures do not include Lorraine. • Excludes the Alsace-Lorraine and Guiilaume-Luxembourg Railways.

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CANADA.

Re- Receipts at stockyards in PRODUCTION. ceipts of Toronto and Unem- wheat Winnipeg. ploy- at Rail- ment Bust- Fort road among Wil- re- trade- fail- Year and month. liam ures Planks Pre- Ma- ceipts. union Crude and Wood Raw mem- Pig Cattle. Hogs. and served Wheat Coal. chin- iron. steel. Port pulp. cotton. bers. Ar- boards. fish. ery. thur.

Bush- Num- Num- Bush- Dol- Dol- Per Num- 1 1 1 Ton*.1 Tons.1 els.1 ber. ber. Feet.' Lbs. Lbs. el*! Tom.1 Lbs. lars.1 lars.1 cent. ber. 1921 average. 50 56 14,447 39,904 34,165 85 11,007 87,871 12,238 1,525 7,269 2,292 33,885 12.5 47 1922 average 32 41 20,363 49,832 40,473 166 9,488 136,375 17,462 1,085 9,229 1,895 34,021 7.1 74 1922. May 11,684 37,367 46,432 156 5,711 105,197 14,207 548 9,788 1,999 30,799 8.8 67 June 5,597 34,856 41,445 214 6,749 168,169 11,760 412 8,438 2,008 30,536 5.3 64 July 5,420 52,473 32 812 215 9,936 155,502 9,487 427 7,518 1,559 32,624 4.1 60 August 3,681 75,212 29,381 213 7,607 169,611 11,587 440 8,459 1,963 34,937 3.6 64 September.. 36,986 67,579 26,154 191 20,675 180,068 9,233 663 4,276 1,918 39,158 2.8 65 October 65,120 87,092 39,806 239 13,239 154,019 37,593 1,465 4,383 1,931 47,641 3.9 72 November.. 56,847 80,084 56,328 205 9,995 173,180 55,316 2,127 11,284 2,114 44,259 6.2 76 December... 32,044 45,705 49,244 187 8,614 140,001 40,669 1,964 16,980 1,986 36,758 6.4

1923. January 41 11,574 42,126 64,219 168 7,325 139,749 9,740 1,876 20,0?6 1,981 30,686 7.8 February... 44 46 3,176 31,323 45,554 124 7,272 100,929 7,129 1,601 12,426 2,033 26,238 6.4 82 March 65 5,992 36,429 45,756 205 10,856 150,304 6,614 1,903 14,362 2,938 32,833 6.S 77 April 84 93 7,641 44,969 58,771 152 5,452 103,660 5,143 1,432 9,633 2,410 33,128 4.6 60 May 102 104 10,561 48,493 59,044 218 8,693 119,832 11,932 1,620 7,567 2,397 34,848 4.5 60 June 6,907 34,531 38,962 33,902 58

• In thousands; 000 omitted. ' In millions; 000,000 omitted.

JAPAN.

PRODCCTION.l EXPORTS. IMPORTS. TRANSPORTATION." Raw sUk stocks, Sheet- Freight Re- Yoko- Vessels Year and month. Silk Silk ings Raw Iron cleared carried ceipts fabrics hama Silk, fabrics and Green plates of Cotton Paper. Cotton cotton, Wool. in on yarns. (habu- mar- raw. (habu- yarns. shirt- tea. and State State ket. ginned. foreign taye). taye). ings, sheets. trade. rail- rail- gray. ways. ways.

Monthly average: Bales. HIM.' Pounds. Bales. Plods' Pkuls. Pkuls. Yards.1 Piculs.1 Pkuls. Piculs.1 Tons. Tons. Yen. 1913 126 16,857 2,302 113,374 7,921 537' 13,162 132 2,075 2,923 11,723 1920 151 53,111 14,557 2,264 74,839 28,465 72,280 648 46,918 528 2,216 4,548 27,589 1921 151 149 44,538 58,477 21,836 1,702 73,065 23,210 110,874 720 22,278 312 2,324 4,342 31,182 1922 185 145 62,446 44,832 28,697 1,721 98,516 24,260 716 47,096 545 2,969 4,768 33,864 1922. Mav 194 160 53,975 18,293 35,147 1,977 146,354 £5,821 580 24,753 752 3,287 5,225 38,486 June.. 192 173 62,791 18,547 29,569 2,176 139,057 29,713 27,858 490 68,415 890 3,024 4,965 32,180 July 181 159 53,734 45,848 34,641 1,793 51,660 25,284 28,243 433 37,431 872 2,987 4,641 32,977 179 116 64,553 56,032 36,196 2,017 40,075 22,343 39,512 731 29,936 697 3,119 4,489 33,944 September 179 121 53,326 48,810 35,959 1 686 68,773 17,668 30,677 766 17,559 351 2,849 4,502 32,464 October 193 118 54,892 48,472 35,970 1,839 118,431 25,259 22.118 330 16,994 332 2,784 4,920 35,374 November 199 123 54,340 75,419 26,804 1,253 101,406 22,537 16,244 339 47,469 240 2,895 4,884 32,882 December 190 117 56,306 68,304 31,133 1,608 129,466 29,463 15,533 805 46,182 131 3,049 5,189 33,041

1923. 175 116 57,119 47,394 14,985 717 73,769 22,989 2,149 . 885 53,280 152 2,771 4,496 30,166 February 183 90 57,637 30,900 25,399 1,129 54,298 24,431 2,914 916 35,093 239 2,589 4,580 28,909 189 124 61,624 30,714 16,928 738 98,505 30.499 2,193 1,126 94,970 299 3 315 5,414 37,513 April... . 196 73 63,893 26,783 27,696 862 98,376 33,003 1,650 880 75,727 258 2,916 May 194 117 64,801 33,474 June. 36,923 1 1 In thousands; 000 omitted. • One hiki equals two pieces. > A picul varies from 133 to 140 pounds avoirdupois.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL RESERVE BTJT.T.ETIIT. 929

GERMANY.

PRODUCTION. UNEMPLOY- EXPORTS. IMPORTS. SHIPPING. MENT.

Appli- Busi- Year and Ma- cants Unem- ness month. Iron chinery Dyes Half for ployed fail- Coal and and and Raw manu- Cot- Iron Arrivals of every persons ures. and Lignite. iron elec- Coal." fac- 1 vessels in 100 receiv- coke. manu- trical dye- wool. tured ton.' ore. Hamburg. avail- ing factures. sup- stuffs. silk. able State plies. posi- aid. tions.

Monthly aver- Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Num- Num- Num- JVum- age: tons* tons.* tons. tons. tons. tons. tons. tons. tons. tons.* ber. Tans.* ber. ber.* ber. 1913 17,003 7,266 541,475 60,919 21,812 2,881,126 16,608 920 43,424 1,225 1,256 1,182 815 1920 13,043 9,303 145,883 46,772 8,462 608,749 «4,025 «232 12,490 538 401 374 169 366 331 1921 13,664 10,241 '203,681 '39,037 '8,530 "518,937 '11,860 "393 '30,894 '619 700 794 165 310 744 1922 13,337 11,432 220,803 49,147 12,731 421,835 15,910 407 21,483 1,003 907 1,084 131 77 84 1922. May 14,669 11,437 209,432 47,354 12,629 701,941 25,619 486 26,112 1,519 1,143 1,244 107 65 95 June 11,416 10,487 213,220 49,347 16,335 528,766 15,723 436 22,037 1,159 1,092 1,287 103 29 91 July . . 11,972 11,411 212,365 44,162 12,671 199,961 14,119 435 26,085 962 793 1,065 104 20 81 August 12,780 12,147 198,408 50,978 12,616 121,359 11,011 459 20,915 997 1,005 1 171 107 15 59 September 12,623 11,823 244,012 40,150 13,477 110,245 8,708 342 13,959 1,090 945 1,208 119 12 45 October 13,329 12,078 246,074 50,699 15,187 125,670 10,023 371 10,584 1,316 1,016 1,272 134 17 43 November 12,986 11,896 233,553 41,644 11,110 137,341 9,198 425 20,622 842 877 1,046 162 25 34 December 12,251 11,897 285,464 85,350 16,472 123,826 8,828 297 25,942 1,038 936 1,041 187 43 39 1923. January 1,987 9,104 236,709 42,209 13,651 90,626 11,448 254 26,382 867 993 1,142 214 85 24 February '1,554 8,289 209,965 34,438 12,077 120,947 10,240 244 19,030 269 900 1,047 242 150 17 March 143,853 36,608 11,443 34,237 8,635 278 10,665 148 1,250 1,381 245 193 30 ApriL. 143,213 30,038 9,241 142,219 26,170 202 19,423 141 1,145 1,319 285 225 45 May. 135,605 30,464 10,223 92,735 9,998 249 16,380 100 1,122 1,315 211 292 32 June 35

1 Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months. * Not including coal for reparations account. ' Includes linters. < Includes manganese ore. »In thousands; 000 omitted. • Average based on 6 months. ' Coal-production figures only. SWEDEN.

PRODUCTION. EXPORTS. IMPORTS. TRANSPORTATION. Unem- ployed Business Year and month. Freight workmen failure!. Pig Iron and Unplaned Paper Coal. Vessels Vessels carried per 100 iron. steel ingots. boards. pulp. entered. cleared. on State vacancies. railways.

Metric Metric Cubic Metric Metric Metric Monthly average: tons.1 font.1 meters.1 tons.' tons.1 Net tons.* NettonsA tons.1 Number. Number. 1913 61 49 328 71 408 1,147 1,147. 830 112 317 1920 39 37 306 73 234 677 692 991 107 196 1921 26 17 162 40 122 £19 482 £89 276 432 1922 . 22 26 320 87 220 594 642 681 290 388 1922. Mav. 24 31 99 76 230 600 633 £78 257 430 June 21 24 500 80 172 596 738 645 215 362 July. 20 27 608 89 214 625 787 715 203 374 22 27 S39 104 294 694 836 765 172 300 22 31 508 113 229 684 808 776 155 371 October. 23 31 494 144 270 699 822 799 177 335 27 34 465 189 302 705 751 796 269 353 December 28 29 384 156 346 655 671 635 321 309 1923. 22 15 97 41 227 776 757 557 346 387 February 6 0.4 45 12 201 657 631 669 308 338 March 10 1 38 9 218 785 231 322 April 10 2 74 18 243 747 IKS 273 Mav 12 28 311 98 363 135 301 442 84 310 146 305

'In thousands; 000 omitted.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 930 FEDERAL RESERVE BULLETIN. ADGDST, 1923.

FOREIGN TRADE OF PRINCIPAL COUNTRIES. FOREIGN TRADE OF UNITED KINGDOM, BY COUNTRIES, a [In thousands of pounds sterling.l

IMPORTS FROM— EXPORTS'TO—

Year and quarter. All All France. Ger- United Argen- Can- Aus- India. coun- France. Ger- United Argen- Can- Aus- India. coun- many. tina. ada. tralia. tries. many States. tina. ada. tralia. tries.

1913. First quarter 11,903 19,220 39,181 10,845 4,682 11,469 11,911 196,289 7,507 9,077 7,412 5,232 5,878 9,239 17,092 127,308 Second quarter 12,025 19,860 30,372 12,709 6,256 8,444 8,802 182,471 7,356 9,885 6,509 6,035 6,129 7,898 17,173 129,747 Third quarter 11,349 19,566 24,268 10,622 10,940 7,326 12,895 179,042 6,833 10,648 6,673 5,633 6,103 8,593 18,044 133,700 Fourth quarter 11,072 21,865 47,885 8,323 8,616 10,829 14,841 211,232 7,262 11,086 8,703 5,728 5,614 8,752 18,007 134,708 1919. First quarter 8,694 2137,209 16,493 22,772 18,273 23,892 347,364 40,705 5,015 5,031 3,223 6,397 13,528 147,366 Second quarter 11,190 8112,429 16,602 25,471 35,900 21,743 369,671 34,355 3,424 5,592 4,159 3,047 7,527 13,601 187,389 Third quarter 13,607 110158,573 24,528 36,322 31,333 26,129 449,573 36,005 5,681 10,079 5,964 3,584 5,394 17,115 206,589 Fourth quarter 15,302 875134,847 24,203 30,730 26,177 36,943 465,294 36,149 5,591 13,235 6,054 6,165 7,043 26,586 257,029 1920. First quarter 19,272 4,123 1861,11. 4 28,533 14,905 28,655 31,346 530,572 40,923 4,690 20,961 7,959 7,1 9,092 35,681 295,543 Second quarter 21,572 7,773 5,21' 8 41,471 19,069 31,251 28,472; 502,762 34,946 6,021 21,320 10,301 13,502 15,244 47,677 341,923 Third quarter 19,477 8,751 122,842 34,332 32,483 31,553 18,502: 467,856 32,204 4,591 19,716 12,611 12,622 19,088 50,515 369,811 Fourth quarter 15,685 10,479130""1,16; 4 23, 703 26,397 21,250 17,3591 435,552 28,559 6,421 15,133 11,969 8,990 19,063 47,511 328,291 1921. First quarter 13,018 8,024 84,334 20,040 11,054 25,647 16,4251 307,632 13,766 4,130 11,255 10,233 5,913 15,466 35,804 227,787 Second quarter 15,328 3,771 67,961 17,681 11,997 16,350 7,592i 264,060 7,083 2,828 11,929 6,100 4,342 9,432 22,669 141,108 Third quarter 12,829 3,790 61,110 17,530 21,028 13,190 7,729i 255,987 9,579 5,310 9,393 5,174 4,185' 8,726 22,452 149,766 Fourth quarter 11,919 4,965 61,784 13,010 18,208 12,670 12,522,' 259,009 13,829 5,564 11,623 6,116 4,993 12,021 28,098 184,535 1922. First quarter 11,162 5,475 53,039 13,743 8,903 15,013 12,1931 233,710 12,492 5,410 13,044 6,079 5,973 15,510 25,061 186,063 Second quarter 12,152 6,540 57,603 16,675 10,095 21,802 253,553 12,632 8,821 11,731 4,914 5,646 12,059 19,352 165,699 Third quarter 12,037 6,686 46,440 13,770 17,609 15,155 10,835 241,281 11,867 10,153 15,403 5,431 6,657 17,483 22,163 182,962 Fourth quarter 13,269 7,824 64,331 12,332 18,289 12,893 15,654 275,375 11,319 7,092 14,845 6,283 6,9951 15,406 25,046 185, 773 1923. First quarter 13,316 8,643 59,031 18,526; 9,765 19,123 18,433 273,577 13,032 8,542 16,003 7,310 i,658 15,566 23,355] 185,370

a In previous issues of the BULLETIN the foreign trade of the United Kingdom has been shov n by groups of commodities. 1 Not including reexport trade. FOREIGN TRADE OF FRANCE, BY COUNTRIES, a [In millions of francs.]

IMPORTS FROM— EXPORTS'TO —

Year and month. Ar- Bel- Ger- Swit- United French All Swit- United Ar- French All Italy. United gen- colo- Bel- Ger- zer- United gium. many. zer- King- coun- gium. many Italy King- States. gen- colo- coun- land, dom. States. tina. nies. tries. land. dom. tina. nies. tries.

Monthly av.— 1913 48 90 20 95 73 33 702 93 72 33 121 35 573 1919 93 63 85 733 768 135 2,983 128 128 59 176 74 990 1920 214 222 74 562 589 171 2,950 326 326 120 293 148 282 1,879 1921 2 149 180 47 253 339 50 201 1,839 271 156 91 265 183 221 1,649 1922 144 108 67 284 321 66 191 1,992 316 147 321 164 1,720 1922.' January 114 99 47 246 191 167 1,460 398 106 297 124 178 1,443 February 132 107 64 288 231 168 1,833 387 103 316 194 267 1,700 MMarch.."ahh . i 100 108 60 329 364 202 1,941 364 153 349 239 215 1,737 April 125 112 63 264 328 189 1,751 395 194 348 276 271 1,963 May 136 113 63 245 293 177 1,810 335 178 320 262 265 1,778 June' 143 103 76 234 274 181 1,851 July 136 121 58 245 311 193 1,996 239 151 34 70 273 132 179 1,433 Augus t 145 97 68 256 266 1,960 296 174 78 88 243 175 273 1,676 September. 149 96 62 245 256 1,893 342 167 55 83 328 155 207 1,741 October 158 101 77 295 298 189 2,109 376 161 81 114 339 137 339 1,937 November. 160 110 82 332 533 175 2,348 344 135 79 113 314 141 242 1,706 December 226 129 82 422 497 275 2,923 498 169 121 135 619 165 433 2,779

1923. January 139 94 58 31 I 355 462 154 2,144 346 123 54 79 274 165 241 1,696 February 190 46 82 47 I 361 377 214 2,343 440 87 92 137 550 214 242 2,329 March 187 45 82 46 i 469 390 219 • 2,48" •7 — 476 82 119 175 498 227 307 2,474 April'. 222 46 86 47 468 323 87 225 2,560 May 185 65 103 43 467 356 155 238 ! 2,597 i 451 59 121 608 294 48 3 IS 2,675

a In previous issues of the BULLETIN the foreign trade of France has been shown by groups 01 commodities- 1 Not including reexport trade. 2 Calculated on 1919 value units. s Imports calculated on basis of actual declared value. < Value of exports not available. Beginning with June, exports calculated on 1921 value units. 5 Value of exports not available. Beginning with May, exports are calculated on 1922 value units.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL, RESERVE BTTT.T.TCTTTT. 931

FOREIGN TEADE OF GERMANY. [In thousands; 000 omitted.]

Month. Agricul- Agricul- Chemi- Metal rp_. Chemi- Metal tural Minerals. tural Minerals. Total. products. cals. products. 10 products. cals. products.

Metric Metric Metric Metric Metric Gold Metric Metric Metric Metric Metric Gold 1921. tons. tons. tons. tons. tons. marks.1 tons. tons. tons. tons. tons. marks.1 December 634 1,281 19 123 2,086 220 1,031 201 226 1,930 1922. January 536 1,586 139 2,309 330 156 1,173 226 235 2,027 325 February 438 884 103 1,475 360 124 982 255 183 1,747 298 March 791 1,611 157 2,645 563 154 1,305 196 224 2,153 324 April i 822 1,733 200 2,889 508 144 1,309 259 213 2,176 326 May i 1,028 2,383 264 3,810 565 144 1,214 263 224 2,093 416 l June 1,065 2,575 241 4,029 565 115 1,095 204 228 1,880 428 July 1,225 3,166 299 4,798 685 111 828 238 228 1,636 337 August 1,054 3,251 264 4,676 545 118 617 214 212 1,407 255 September 1,041 3.436 259 4,829 422 128 683 260 258 1,587 291 October 1,124 3,969 323 5,552 532 141 647 207 261 1,539 290 November 1 1,063 3,119 262 4,551 536 128 617 289 249 1,551 255 December 992 2,880 349 4,326 590 178 625 ! 304 301 1,756 423 1923. j January \ 1,184 3,134 321 4,729 564 109 474 I 237 248 1,309 311 February 921 2,060 125 3,166 446 97 191 219 1,096 361 March | 987 4,059 127 5,220 503 96 228 ! 239 153 938 436 April 947 5,226 173 6,396 76 360 I 231 152 1,029 May 2,928 151 4,013 70 203 143 930

i In millions; 000,000 omitted.

FOREIGN TRADE OF DENMARK. ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN.

Denmark. Italy. Netherlands. Sweden, li Canada. Brazil. India. Japan. (In millions of (In millions of (In millions of (In millions ofj|(In millions of (In millions of (In millions of In millions of kroner.) lire.) guilders.) kroner.) II dollars.) milreis.) rupees.) yen.) Year and month. Im- Ex- Im- Ex- Im- i Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- ports. ports. ports, ports. ports, ports. ports. ports. ports. | ports. ports. ports. ports. ports. ports. ports.

Monthly average: 1913 71 60 304 210 (') j (') 71 56 31 84 82 134 205 61 53 1920 262 151 »2,235 981 278 i 142 281 191 107 174 146 173 272 195 162 1921 136 121 '1,439 187 j 114 106 91 103 101 141 142 280 214 135 104 1922 126 1,311 776 169 102 97 97 63 74 138 194 201 244 158 136

1922. May 159 113 1,245 592 194 108 97 90 70 127 141 189 274 174 155 June 140 126 1,663 861 151 101 104 73 130 149 162 193 157 146 July 117 107 1 134 672 164 105 113 72 109 154 182 245 142 144 August 134 90 1,052 732 179 99 105 132 74 147 182 212 252 137 146 September 134 122 1,231 747 165 116 109 123 73 132 202 182 216 135 150 October 148 112 1,399 889 187 112 118 122 104 202 299 229 216 105 161 November 130 120 1,248 1,046 172 104 111 128 132 237 207 289 116 139 December 142 109 1,918 1,014 163 100 110 120 112 250 192 281 143 158 1923. January.. 142 108 1,060 789 173 92 65 181 248 214 295 150 95 February. 155 118 1,572 750 162 95 49 141 256 194 317 156 123 March 167 134 1,496 887 ! 165 107 109 61 232 283 185 327 197 121 April 167 115 1,404 722 j 170 97 115 62 211 307 188 150 May 155 134 1,587 782 164 104 111 105 193 300 203 115 June 110

1 Dutch figures for 1913 not comparable with later figures. 1 Based on 1920 value units. * Based on 1921 value units.

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FOREIGN TRADE OP ARGENTINA. [In thousands; 000 omitted ]

Total value of for- Exports of principal national products (in tons). eign trade (gold pesos).8

Frozen Lin- and Dry Salted Sheep- Que- Que- Im- Ex- Wheat. seed. Maize. Oats. Flour. Wool. chilled ox- ox- skins. bracho bracho ports. ports. meat. hides. hides. logs. extract.

Quarterly average: j 1913 703 254 1,202 30 5.3 16.5 4.8 496,227 519,156 1919 . . 822 214 621 83 82 35 1 121 5.3 20.0 4.3 13.7 34.9 655,772 1,030,965 1920 1,252 266 1,119 103 195 24 117 2.4 10.5 2.3 14.2 30.7 934,968 1,044,085 1921. 475 311 413 107 6.8 45 152 1.5 10.3 1.1 3. 6 23.7 Second quarter 837 303 513 97 9.8 15 119 1.4 11.7 1.8 .1 21.3 Third quarter 288 434 1,404 152 20.1 38 89 12.9 '17.0 3.7 2.3 46.1 Fourth quarter 92 302 498 44 17.4 43 2 8.6 2 24.0 11.6 34.0 3.2 Total, 1921 1,692 1,350 2,828 400 54.1 141 20.0 63.3 18.2 40.0 94.3 640,000 670,000 1922. 1,352 191 445 137 18.0 71 105 6.5 19.1 7.9 29.7 30.8 Second quarter 1,168 249 483 83 41.0 48 149 8.1 24.4 8.0 28.7 40.1 Third quarter 720 301 632 44 20.0 33 122 5 3 35 8 52 4 Fourth quarter 514 192 890 18 13.1 38 121 8.1 30.6 44.5 Total, 1922 3,754 933 2,450 282 j 92.1 190 497 34.0 107.8 29.3 124.8 167.8 1923. 1,333 519 444 233 j 14.0 55 130 6.9 30.6 4.9 37.4 48.1

i Second 4 months of year. ! Third 4 months of year. s Total for the year.

FOREIGN TRADE OF UNITED STATES, BY COUNTRIES.i [In thousands of dollars.]

IMPORTS FKOM— EXPORTS TO— Year and month. Ger- United Can- Argen- All Ger- United Can- Argen- All France. Italy. King- Japan. coun- France. Italy. King- Japan. coun- many. dom- ada. tina. tries. many. dom. ada. tina. tries.

Monthly av.- 1913 11,578 15,351 4,610 22,663 11,844 2,131 8,245 149,383 12,827 29,328 6,556 49,228 33,599 4,582 5,208 207,002 1919 10,318 884 4,922 25,766 41,225 16,597 34,154 325,364 74,447 7,730 36,890 189,880 61,187 12,992 30,530 660,035 1920 13,805 7,403 6,280 42,821 50,989 17,315 34,548 439,873 56,349 25,953 30,980 161,319 17,811 31,495 685,668 1921 11,824 6,690 5,191 19,900 27,953 4,994 20,939 209,096 18,745 31,027 17,955 78,510 49,473 9,236 19,620 373,761 1922 11,901 9,798 5,317 29,745 30,333 7,138 29,524 259,698 22,247 26,343 12,575 71,323 48,057 7,952 18,209 319,328 1922. June 10,025 9,596 4,791 27,141 7,891 35,825 260,461 22,946 28,191 11,933 75,246 47,944 9,023 16,363 335,117 July 9,059 9,598! 5,155 27,938 33,682 8,234 20,261 251,772 21,243 20,315 18,111 62,346 49,514 7,378 16,024 301,157 Aug 13,390 10,737! 4,017 31,486 32,185 7,920 38,362 281,376 18,466 26,317 13,042 55,264 56,492 7,053 10,646 301,775 Sept.a 11,146 10,6831 4,395 31,851 28,081 8,405 26,870 228,795 22,025 21,716 12,674 70,853 55,363 8,991 12,556 313,197 Oct.* 17,495 13,021; 7,258 45,537 8,408 46,954 345,083 30,215 28,981 19,384 83,928 58,460 8,900 21,690 370,719 Nov 12,227 10,247! 6,767 33,722 34,695 8,528 34,454 291,805 31,928 27,385 17,800 89,731 55,989 8,430 21,455 380,000 Dec 11,800 10,817 8,971 31,036 36,982 9,595 33,156 293,789 25,062 24,742 15,989 80,412 52,833 9,871 20,237 344,328 1923. Jan. 14,273 13,788 8,593 33,579 30,597 11,676 31,041 329,903 23,286 26,086 15,489 83,603 48,908 9,210 13,366 335,539 Feb.. 10,277 10,476! 6,658 35,201 28,290 10,827 24,881 303,413 13,791 24,442 10,705 71,537 44,497 9,780 17,661 Mar.. 15,381 H,997i 11,008 49,386 32,705 13,511 32,685 398,078 20,475 25,031 12,851 63,630 53,644 9,105 23,642 341,162 Apr.. 13,730 13,642| 7,309 41,364 36,249 15,052 26,480 364,230 22,306 26,290 14,416 58,460 53,799 9,289 18,939 325,727 May.. 12,300 12,762 5,769 44,039 36,282 16,875 33,113 373,244 20,524 22,968 9,914 48,414 66,086 10,276 19,889 316,649 June. 10,683 12,092 6,999 31,904 35,331 12,579 24,111 320,25" 19,729 18,983 13,048 55,164 62,467 11,094 16,992 320,051 I

1 In previous issues of the BULLETIN the foreign trade of the United States has been shown classified into groups of commodities according to stages of manufacture. ' Import figures cover period Sept. 1-21. inclusive. • Import figures cover period Sept. 22-Oct. 31, inclusive.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL RESERVE BULLETIN. 933

FOREIGN TRADE INDEX. and manila hemp, fell 11 per cent, whereas this group had risen in May. Consumers' goods There are presented below the Federal Re- fell 7 per cent, this resulting wholly from a serve Board's series of index numbers designed decline in coffee imports. to reflect relative quantity movements in the The index for exports shows only a slight foreign trade of the United States. Changes increase of 1.5 per cent for all of the commodi- in the level of prices have been allowed for by ties included. The increase in the raw mater- multiplying the quantities of selected com- ials group was caused mainly by larger exports modities exported or imported each month by of tobacco, cotton, and copper. Lard and fixed 1913 prices.1 wheat-flour exports fell off in June, which were largely influential in making the index for consumers' goods considerably lower than in EXPORTS. IMPORTS. May. Producers' goods declined slightly, no Year and Pro- Con- Pro- Con- single commodity in that group showing con- month. Eaw duc- sum- Eaw duc- sum- spicuous change. mate- ers' ers' Total. mate- ers' ers' Total. rials. goods. goods. rials. goods. goods. (12) (10) (7) (29) (10) (12) (5) (27)

1913, year.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1919, year.. 88.9 155.1 183.6 115.3 157.5 192.9 147.5 168.4 INDEX OF OCEAN FREIGHT RATES. 1920, year.. 92.2 158.7 133.6 107.5 135.8 227.5 138.9 168.8 1921, year.. 103.1 116.9 124.1 108.9 113.6 162.8 141.4 135.6 1922, year.. 89.7 108.9 135.1 101.1 157.6 253.1 143.0 189.1 The accompanying table shows the monthly 1922. fluctuations in ocean freight rates prevailing January... 82.6 104.3 129.7 94.5 118.4 228.7 135.2 160.1 between United States Atlantic ports and the February.. 68.5 86.0 127.6 82.6 128.3 281.3 133.5 183.4 March 89.8 121.7 156.5 106.9 148.1 306.8 161.1 206.5 principal European trade regions. The figures April 90.5 120.9 150.5 106.0 125.5 236.1 152.0 169.1 May 78.3 128.8 155.4 99.4 144.6 227.9 168.0 177.9 are derived from the actual rates quoted on June...... 86.3 124.3 169.2 107.4 148.7 273.3 137.3 191.0 the folio ring commodities: Grain, provisions, July 79.1 124.0 133.5 95.0 146.9 266.3 137.5 187.7 August 88.8 90.0 126.3 96.7 174.2 255.5 120.3 194.2 cotton, ' ottonseed oil, and sack flour. Rates September 91.2 98.9 111.5 96.2 183.5 244.0 133.4 196.7 October 122.9 96.8 121.0 119.8 155.0 211.6 138.8 172.4 in Janus ry, 1920, have been used as a base. November.. 112.6 101.6 117.2 112.4 195.1 244.0 144.4 204.1 For th( methods used in constructing the December.. 86.7 109.9 122.8 96.5 219.1 263.0 153.9 224.0 index s< s the August, 1921, BULLETIN, pages 1923. Tanuary 78.8 126.5 137.3 95.8 220.4 312.2 155.3 242.3 931-934 February... 62.2 133.6 129.6 83.5 197.1 249.5 156.8 209.1 March 61.9 143.6 144.4 87.3 214.0 348.5 218.5 262.4 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND April 59.1 141.9 136.5 83.6 211.1 303.6 212.4 244.] May.. .. 56.0 149.4 130.8 81.0 201.1 326.6 144.7 236.1 EUROPEAN TRADE. June 63.6 145.8 113.2 82.2 167.0 291.8 134.6 206.0 United States Atlantic ports to- i The list includes 27 ol the most Important Imports the value of which In 1913 formed 49.3 per cent of the total import values, and 29 of the most important exports the value of which in 1913 formed 56.3 per cent oi the Month. Nether- total export values. The classification of the original list of commodities United French lands Scandi- Medl- All used was given in the July, 1920, BIILLETIN. The classification of 11 King, terra- Atlantic. and navia. Europe. additional commodities of imports was given in the April, 1921, BULLE- dom. Belgium. TIN, and 2 additional commodities in the November, 1921, BULLETIN. Exports of gasoline have been altered to include naphtha. January, 1920. 100.0 100.0 100.0 100.0 100.0 100.0 According to the board's index for June, 27 January, 1921. 60.7 30.2 34.1 42.9 43.2 43.3 1922. principal commodities imported showed a January 31.7 22.7 23.3 23.4 32.2 27.1 further decline of 30 points, or 13 per cent, February.... 34.7 25.9 25.2 23.3 31.8 29.1 March 33.1 26.5 24.9 23.4 30.1 28.3 from the May level. To some extent this April 27.3 24.8 22.7 24.0 27.1 25.4 seems to be due to a slackening in the demand May 27.9 25.5 22.8 23.4 27.4 25.7 June 27.5 26.1 23.0 23.4 27.4 25.7 of domestic industries for foreign materials and July 28,8 25.9 22.6 23.0 26.4 25.9 August 29.2 23.4 20.7 22.4 24.0 24.0 in part it is a reflection of seasonal influences. September... 27.0 24.1 19.1 22.6 22.2 23.4 October 25.3 23.9 18.9 22.9 21.6 22.7 All commodities in the raw materials group November... 28.0 23.4 21.3 22.9 21.3 24.0 decreased in volume, with the exception of December...., 27.1 25.6 22.2 22.7 21.8 24.4 lumber and pulpwood. The principal declines 1923. occurred in wool and cotton, which, with the January 25.3 24.7 19.8 21.2 22. B February 21.8 22.6 18.6 22.3 2a 6 21.1 general reductions among other raw materials, March 23.1 23.6 20.0 22.3 19.5 21.9 were sufficient to reduce the total imports of April 22.6 24.2 21.9 22.3 22.0 22.6 May 22.3 23.7 21.0 22.3 20.9 22.1 this group by 17 per cent. Producers' goods June 21.2 23.5 19.9 22.3 20.6 21.3 imported, including such items as sugar, rubber, July 20.2 21.5 18.1 22.3 18.9 19.9

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competition with national banks are permitted to act SAVINGS DEPOSITS. under the laws of the State in which the national bank is located. Savings deposits, as reported by 886 banks The numerals opposite the name of each bank indicate distributed throughout all sections of the the power or powers it is authorized to exercise, as given United States, increased during June in all below: Federal reserve districts except in the Rich- mond district, where a decrease of 1 per cent Dis- was indicated, which was due entirely to a de- Place. trict Name of bank. Powers crease hi time deposits of reporting member No. granted. banks, as mutual savings bank deposits in- Claremont, N.H... 1 First National Bank 1 only. creased. Deposits for the entire country on RockviUe, Conn 1 Peoples National Bank... 1 to 9. July 1 were $6,657,305,000, as compared with West Newton, Mass. 1 do.. .. 1 to 9. New Bedford, Mass. 1 Safe Deposit National 1 to 9. $6,557,317,000 on June 1, an increase of 2 per Bank. Northampton,Mass. 1 First National Bank Ito9. cent. The increase in deposits during June St. Johnsbury, Vt.. 1 do 1 to 6 and 9. was due in part to the desire to anticipate the Paterson, N. J. 2 National Bank of America. 1 to 9. PhiUipsburg, N. J.. 2 Second National Bank Ito9. dates in July when money is placed on interest Hoosick Falls, N.Y. 2 First National Bank Ito9. New York, N.Y... 2 Liberty National Bank... 4 only. by various banks. Compared with deposits on Eye, N.Y 2 Eve National Bank Ito9. Chambersburg, Pa. 3 Valley National Bank Ito9. July 1, 1922, increases were noted in all dis- Uniontown, Pa National Bank of Fayette Ito9. tricts and for the entire country the increase ^ County. amounted to 10 per cent. A comparison of Jacksonville, Fla... 6 Atlantic National Bank... Ito9. savings deposits on July 1, 1923, with deposits on June 1, 1923, and July 1, 1922, are shown in the following table. The figuresfo r the Boston State Banks and Trust Companies. and New York districts are those of large mutual savings banks, but in all other districts The following list shows the State banks and trust reports of other banks are included to make the companies which were admitted to membership in the figures thoroughly representative. Federal reserve system during the month ending July 28, 1923, on which date 1,634 State institutions were members of the system: SAVINGS DEPOSITS BY FEDERAL RESERVE DISTRICTS. [OOOomittod.] Total Capital. Surplus. resources. Number July 1, June 1, July 1, District. of banks. 1923. 1923. 1922. District No.-I. 64 81,188,854 $1,178,188 $1,097,919 Federation Bank of New York, New New York 30 1,859,503 1,825,584 1,738,814 York, N. Y $250,000 $250,000 $962,424 Philadelphia 80 456,910 455,808 424,063 Cleveland IS 430,919 421,667 381,994 District No. 8. Richmond 92 291,721 293,716 276,648 Atlanta.. 99 238,466 233,457 209,751 Water Tower Bank, St. Louis, Mo 200,000 50,000 1,557,460 209 867,505 850,375 772,675 35 129,907 128,605 115,556 District No. 9. Minneapolis 15 89,123 87,989 78,830 Kansas City 56 100,349 99,199 91,824 Gold & Co. State Bank, Big Stone City, Dallas 113 85,254 83,902 72,860 S. Dak 50,000 5,000 564,997 San Francisco 75 918,794 898,827 785,622 District No. 10. Total 886 6,657,305 6,557,317 6,046,556 Security State Bank, Sallisaw, Okla.... 30,000 5,000 264,926 District No. IS. Fiduciary Powers Granted to National Banks. Security State Bank, Coulee, Wash 25,000 109,607 During the month of July the Federal Reserve Board approved applications of the national banks listed below Absorbed by national banlc.—North American Bank, Minneapolis, for permission to exercise one or more of the fiduciary Minn.; Bankers Trust Co., Denver, Colo.; Peoples Bank, New Bern, N. C. powers named in section 11 (k) of the Federal reserve act Converted into national bank.—Citizens Bank, Barnesville, Ga.; New Bedford Safe Deposit & Trust Co., New Bedford, Mass.; Bridgeport as amended, as follows: State Bank, Bridgeport, Tex.; Paradise State Bank, Paradise, Tex. 1. Trustee. Consolidation.—*Xewistown State Bank, Lewistown, Mont., has con- 2. Executor. solidated with the Empire State Bank, Lewistown, Mont., a member bank. Insolvent.—Ballantine State Bank, Ballantine, Mont.; Yellowstone 3. Administrator. Valley Bank & Trust Co., Sidney, Mont.; First Savings Bank, Suther- 4. Registrar of stocks and bonds. land, Iowa; First State Bank, Clyde Park, Mont. 5. Guardian of estates. Withdrawal*.—Bank of Christiansburg, Christiansburg, Va.: San Francisco Savings & Loan Society, San Francisco, Calif.; Iron Exchange Bank, Hurley, Wis.; Brule State Bank, Chamberlain, S. Dak.; Overlea 7. Receiver. Bank, Overlea, Md.; Avoca State Bank, Avoca, Iowa. 8. Committee of estates of lunatics. Change of name.—Foreman Bros. Banking Co., Chicago, 111., to The Foreman Trust & Savings Bank; Empire Bank & Trust Co., Lewis- 9. In any other fiduciary capacity in which State banks, town, Mont., to Empire & State Bank. trust companies, or other corporations which come into Closed.—Inverness State Bank, Inverness, Mont.

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PHYSICAL VOLUME OF TRADE. during June. Steel-ingot production was cut Curtailment in orders noted by business by over 10 per cent, and decreases were also firms during the spring was reflected by de- noted in related lines, such as structural steel, clines in the physical output of goods in June. steel castings, automobiles, locomotives, ship- Current statistics showed recessions in prac- building, and beehive and by-product coke. tically all lines from the high levels reached Reduction of cotton mill operations, especially during May. Movements of staple agricul- in New England, was reflected by a 13 per tural products were in general smaller during cent drop in cotton consumption. Consump- June than in any month since April, 1922, as tion of silk and wool during June was like- shown by the index given on the chart and wise smaller than in the preceding month, in the table below. Mineral production consequently the June index for textiles was dropped only slightly and continued at a the smallest since last July. Sole leather very high rate. Lessened output was noted and shoe output showed slight recessions, in most lines of manufacturing, partly be- as is often the case at this season of the year. cause June is a shorter month than May, but Sugar meltings were unusually small during chiefly because of curtailment in operation June, and flour production and the number of schedules. The index of production in basic animals slaughtered also declined slightly, so industries, which is adjusted for normal sea- that the index for the food-products group sonal variations, declined in June to the was lower than it has been in over a year. lowest point since February. Production of lumber and of cement was slightly less than in May, and a slackening was Among agricultural commodities a rise in noticeable in the manufacture of most building grain receipts at principal markets was more materials. than offset by a decline in receipts of live stock. Both of these movements were largely INDEX OP PRODUCTION IN BASIC INDUSTRIES, WITH seasonal, but the upward tendency of the ALLOWANCE FOR SEASONAL VARIATION. former was smaller than usual, whereas the [Monthly average, 1919=100.) drop in the latter was much greater than ordinary. Grain shipments from interior 1919 1920 1921 1922 1923 centers, after an increase during May, fell January 107 116 84 87 121 off again in June. Cotton movement into 100 115 84 91 120 March. 96 115 81 95 125 sight was smaller during June than for any April 99 108 79 86 124 month in the postwar period, except June, May 93 105 77 92 127 June 93 107 77 94 122 1920. Cottonseed receipts increased slightly July 102 105 74 95 as compared with May. Citrus fruit ship- August 103 102 79 94 105 102 79 100 ments from California declined in accordance 101 99 83 107 with seasonal tendencies, but were still fairly 98 95 86 116 large. Various fruit and truck crops have 103 90 83 116 mo^ed to market this year in larger volume INDEXES OF DOMESTIC BUSINESS UNCORRECTED FOR than usual. SEASONAL CHANGES. Output of all minerals except anthracite [Monthly average, 1919=100.] coal and lead was less in June than in May, AGRICULTURAL MOVEMENTS. but the declines were not great. Coal pro- Total Total Total Leaf Date. agricul- ani- Cotton. Fruit. to- duction has been maintained at an unusually ture.1 mals. grains. bacco. high rate all the year, and the amount of 1922. anthracite mined during the first six months January 89 92 84 77 96 113 February. 78 77 92 43 56 101 of 1923 exceeded that of the corresponding March 71 79 73 43 130 28 period of any previous year. Crude petro- April 57 72 50 37 103 6 May 83 90 93 50 106 4 leum output was slightly less in June than in June 75 89 77 43 94 2 May, yet the daily average production during July 80 81 106 33 59 12 August 107 97 154 48 43 55 the later month broke all records. Iron September... 129 107 151 140 38 86 October 154 132 136 228 41 145 manufacturers curtailed operations during November... 138 122 118 204 49 96 June, and pig-iron output decreased from the December 121 105 129 139 100 97 high record attained in May. Production of 1923. January 107 108 116 80 100 75 zinc also declined, shipments fell off, and, February 73 84 76 37 118 45 for the first time since last November, stocks March 78 88 83 40 159 31 April 70 88 70 26 149 5 increased. May 70 97 52 32 198 1 Manufacturing activity, although still at a June 66 88 61 24 166 high rate, was rather definitely curtailed 1 Combination of 14 independent series.

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VOLUME OF DOMESTIC BUSINESS ( MONTHLY AVERAGE, 1919 = 100 ) PER PER CENT CENT

160 160

140 140 A-

120 120

100 100

80 80

60 60

20 20

J. F. M.A.M. J. J. A. S. 0. N. 0. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M.A.M. J. J. A.S. 0. N. D. J.F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 1923

INDEXES OP DOMESTIC BUSINESS UNCOBBECTED FOB INDEXES OF DOMESTIC BUSINESS UNCOBBECTED FOE SEASONAL CHANGES—Continued. SEASONAL CHANGES—Continued. MINERAL PRODUCTS. PRODUCTION OF MANUFACTURED GOODS.

Total Bi- An- Total min- tumi- thra- Crude Cop- man» Lum- Pa- Pe- Tex- Leath- To- Date. eral petro- Iron. Zinc. Lead. Date. Steel. tro- Food. prod- nous cite leum. per. ufac- ber. per. leum. tiles. er. bacco ucts.1 coal. coal. ture.i

1922. 1922. January 91 99 85 137 64 24 60 101 January 87 67 101 95 119 112 88 92 91 February... 95 107 92 130 64 35 57 93 February... 80 74 95 90 109 97 78 88 84 March 118 132 119 149 80 58 68 93 March 91 100 103 108 124 108 79 96 98 April 60 41 1 142 81 72 66 April. 85 103 98 100 124 91 71 83 90 May 68 53 1 148 91 84 70 May 99 115 121 112 132 109 70 97 10? June 71 58 1 144 93 89 73 June 100 111 104 111 134 107 72 99 12C July 65 45 2 148 94 85 81 July 96 105 104 100 146 95 72 97 115 August 68 58 2 147 71 94 80 97 August 105 94 116 111 141 116 80 105 134 September.. 100 107 68 144 80 90 84 95 September.. 101 100 102 108 139 111 80 99 122 October 119 118 116 150 104 96 102 108 October 108 122 115 113 147 120 83 106 115 November.. 120 119 114 152 112 95 102 113 November.. 109 122 113 113 150 125 79 115 112 December... 125 122 115 159 121 98 109 109 December.. 100 118 104 107 153 113 79 107 89 1923. 1923. January 132 131 119 164 127 105 118 113 January 109 136 106 117 157 128 89 105 115 February... 117 111 106 154 118 96 108 104 February... 100 123 96 109 141 122 78 96 101 March 134 123 128 178 138 114 124 121 March 113 144 129 120 156 128 92 110 116 April 127 111 110 184 139 110 119 117 April... 107 141 110 116 153 124 91 99 105 May 137 121 117 197 152 117 121 124 May 112 149 127 128 158 119 91 103 118 June 135 119 118 195 144 116 109 128 June 106 134 116 106 88 94

1 Combination of 7 independent series. 1 Combination of 34 independent series.

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RECEIPTS OP GRAIN AND FLOUR AT 17 INTERIOR CENTERS. [Compiled from reports of trade organizations at Chicago, Cleveland, Detroit, Duluth, Indianapolis, Kansas City, Little Rock, Louisville, Memphis, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Spokane, Toledo, Wichita; receipts of flour not available for Cleveland, Detroit, Indian- apolis, Louisville, Omaha, Spokane, Toledo, Wichita.]

Wheat. Corn. Eye. Barley. Total grain Year and month. Oats. Total grain. Flour. and flour.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Barrels. Bushels. 1922—June 21,092,993 32,693,596 19,138,703 1,823,981 3,269,129 78,018,402 2,198,370 87,911,067 1923—January. 38,121,909 37,495,682 24,511,418 7,175,606 3,776,102 111,080,717 1,993,358 120,050,828 February 22,099,293 31,557,178 16,041,039 4,748,690 2,556,058 77,002,258 1,737,888 84,822,754 March... 24,230,096 25,672,335 21,123,820 3,678,596 3,403,440 78,108,287 2,327,930 88,583,972 April 22,091,492 17,218,677 17,532,009 4,022,175 2,500,148 63,364,501 2,093,950 72,787,276 May 18,094,627 11,662,566 14,593,157 2,387,694 1,805,798 48,543,842 2,008,629 57,582,673 June.... 19,316,295 15,099,009 15,681,398 2,541,678 2,161,857 54,800,237 2,063,706 64,086,914 ! RECEIPTS OF GRAIN AND FLOUR AT 14 INTERIOR CENTERS. [Compiled from reports of trade organizations at Chicago, Cleveland, Detroit, Duluth, Kansas City, Little Rock, Louisville, Milwaukee, Minne- apolis, Omaha, Peoria, St. Louis, Toledo, Wichita; shipments of flour not available for Cleveland, Detroit, Louisville, Omaha, Toledo, Wichita.]

Total grain Year and month. Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. and flour.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Barrels. Bushels. 1922—June 22,561,755 17,048,313 21,716,147 2,986,170 2,276,602 66,588,987 3,554,452 82,584,021 1923—January. 18,278,452 21,082,649 21,155,435 4,591,925 2,314,852 67,423,313 3,330,699 82,411,459 February 10,936,462 14,376,534 13,437,744 2,475,969 1,747,102 42,973,811 3,055,338 56,722,832 March... 13,521,272 14,677,459 17,083,463 945,282 1,887,838 48,115,314 4,007,043 66,147,007 April 13,568,451 13,331,035 16,572,204 1,000,717 1,686,520 46,158,927 3,342,326 61,199,394 May 20,981,751 14,527,351 15,835,274 4,516,160 1,706,582 57,567,118 3,332,086 83,472,321 June 16,731,854 11,524,471 15,347,542 3,721,897 1,604,354 48,930,118 3,520,086 64,770,505

STOCKS OF GRAIN AT 11 INTERIOR CENTERS. [Compiled from reports of trade organizations at Chicago, Detroit, Duluth, Indianapolis, Kansas City, Milwaukee, Minneapolis, Omaha, Peoria, St. Louis, Toledo.]

Year and month. Wheat. Corn. Oats. Rye. Barley. Total grain.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. 1922—June 10,487,068 21,356,267 34,857,107 643,271 855,384 68,199,097 1923—January. 33,786,873 15,533,310 26,026,938 8,240,705 1,880,300 85,468,126 February. 36,096,141 18,491,496 24,155,282 10,710,939 1,825,071 91,278,929 March... 37,951,821 22,974,367 20,647,275 13,368,229 1,777,744 96,719,436 April 38,327,733 17,867,322 17,684,426 16,332,326 1,644,611 91,856,418 May 27,851,062 6,585,225 11,372,420 14,373,108 881,031 61,062,846 June 22,567,949 1,877,112 6,802,374 13,065,036 691,207 45,003,678

TOTAL VISIBLE SUPPLY OF GRAIN IN THE UNITED STATES EAST OF THE ROCKY MOUNTAINS. [Bradstreet.]

Year and month. Wheat. Corn. Oats. Year and month. Wheat. Corn. Oats.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. 1922—June 18,943,000 31,534,000 44,610,000 1923—April 46,985,000 24,238,000 23,585,000 1923—January.. 50,361,000 22,908,000 33,165,000 May. 35,962,000 10,440,000 15,573,000 February. 51,500,000 29,585,000 29,937,000 June. 27,688,000 38,470,000 9,234,000 March 48,911,000 31,011,000 26,180,000

RECEIPTS OP GRAIN AND FLOUR AT 9 SEABOARD CENTERS. [Compiled from reports of trade organizations at Boston, New York, Philadelphia, Baltimore, New Orleans, San Francisco, Portland (Oreg.) Seattle, Tacoma; receipts of flour not available from Seattle and Tacoma.]

Total grain Year and month. Wheat. Corn. Oats. Rye. Barley. Total grain. Flour. and flour.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Barrels. Bushels. 1922—June 13,390,846 5,264,047 7,279,521 4,278,552 1,493,798 31,706,764 1,579,413 38,814,123 1923—January. 24,692,558 8,211,139 2,407,373 6,030,831 1,454,503 42,796,404 1,848,537 51,114,821 February, 10,766,582 8,394,943 1,234,636 3,794,069 1,632,356 25,822,586 1,620,802 33,116,195 March... 14,931,922 5,848,010 2,113,677 2,495,529 1,289,627 26,678,765 2,034,192 35,832,629 Aoril 11,202,208 4,158,967 3,156,764 2,468,949 1,874,041 22,860,929 1,914,671 31,476,949 M'ay 12,950,310 1,402,258 1,799,887 1,287,301 900,940 18,340,696 1,549,014 25,311,259 June 12,381,808 2,381,033 1,147,377 3,458,949 584,208 19,953,375 1,376,851 21,330,226

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STOCKS OF GRAIN AT 8 SEABOARD CENTERS AT CLOSE OP MONTH. [Compiled from reports of trade organizations at Boston, New York, Philadelphia, Baltimore, New Orleans, Newport News, Galveston, and San Francisco.]

Year and month. Wheat. Corn. Oats. Eye. Barley. Total grain.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. 1922—June 5,919,430 3,402,447 3,199,146 363,643 1,224,295 14,108,961 1923—January.. 10,162,342 4,228,133 3,252,263 2,130,097 2,597,020 22,369,855 February. 9,601,127 4,794,581 2,791,209 2,559,091 2,077,201 21,823,209 March.... 8,549,294 4,131,390 2,427,609 4,012,311 1,901,606 21,022,210 April 5,868,707 2,604,384 3,120,769 2,742,441 1,750,490 16,086,791 May 3,465,545 719,995 1,926,074 1,871,011 583,952 8,566,577 June 2,324,780 882,644 1,488,282 541,799 735,584 5,973,089

WHEAT FLOUR PRODUCTION.

[January, 1919, to June, 1920, U. S. Grain Corporation; since July, 1920, estimated by Russell's Commercial News (Inc.), New York.]

Year and month. Barrels. Year and month. Barrels. Year and month. Barrels.

1922—June 8,136,000 1923—March 10,607,000 1923—May 9,007,000 1923—January 10,137,000 April 8,969,000 June 8,331,000 February 9,425,000

RECEIPTS OF CATTLE AND CALVES, HOGS, AND SHEEP AT 57 MARKETS; HORSES AND MULES AT 43 MARKETS. [Bureau ot Agricultural Economics, Department of Agriculture.]

Cattle Horses Cattle Horses Year and month. and Hogs. Sheep. and Total. Year and month. and Hogs. Sheep. and Total. calves. mules. calves. mules.

Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. 1922—June 1,720,352 3,719,201 1,641,951 15,192 7,096,696 1923—April 1,641,064 4,232,544 1,364,467 35,844 7,273,919 1923—January 1,842,679 5,190,753 1,620,411 82,964 8,736,807 May 1,870,949 4,436,535 1,611,651 19,598 7,938,733 February... 1,401,158 4,393,238 1,342,962 52,005 7,189,363 June 1,609,753 4,131,394 1,438,164 12,301 7,191,612 March 1,474,924 4,831,415 760,988 58,501 7,125,828

SHIPMENTS OF CATTLE AND CALVES, HOGS, AND SHEEP AT 59 MARKETS; HORSES AND MULES AT 43 MARKETS. [Bureau of Agricultural Economics, Department of Agriculture.]

Cattle Horses Cattle Horses Year and month. and Hogs. Sheep. and Total. Year and month. and Hogs. Sheep. and Total. calves. mules. calves. mules.

Head. Head. Head. Head. Head. Head.. Head. Head. Head. Head. 1922—June 698,297 1,103,014 769,914 15,046 2,586,271 1923—April 563,451 1,376,982 561,896 35,119 2,537,448 1923—January 742,693 1,854,559 723,292 81,829 3,402,373 May 706,293 1,420,447 888,264 18,926 3,033,930 February ... 549,859 1,648,249 634,030 50,900 2,883,038 June 631,421 1,389,324 624,778 12,072 2,657,595 March 546,468 1,679,538 637,011 56,910 2,919,927

SHD7MENTS OF STOCKERS AND FEEDERS AT 33 MARKETS. [Bureau of Agricultural Economics, Department of Agriculture.)

Cattle Cattle Year and month. and Hogs. Sheep. Total. Year and month. and Hogs. Total. calves. calves.

Head. Head. Head. Head. Head. Head. Head. Head. 1922—June 250,594 54,652 189,966 495,212 1923—April 228,643 69,599 81,217 379,459 1923—January.. 274,046 61,793 169,856 505,695 May. 282,197 63,953 207,409 553,559 February. 206,031 50,215 165,133 411,379 June. 216,377 53,677 121,389 391,443 March 195,043 61,490 114,313 370,846

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ANIMALS SLAUGHTERED UNDER FEDERAL INSPECTION. [Bureau of Animal Industry, Department of Agriculture.]

Year and month. Cattle. Calves. Hogs. Sheep. Total. Year and month. Cattle. Calves. Hogs. Sheep. Total.

Head. Head. Head. Head. Head. Head. Head. Head. Head. Head. 1922-June 724,418 388,919 4,046,304 1,028,136 6,187,777 1923-April 696,757 400,332 4,179,438 959,697 6,236,224 1923-January 745,109 351,382 5,134,029 1,021,211 7,251,731 May 762,461 466,792 4,325,130 972,291 6,526,674 February 633,710 296,698 4,230,575 836,473 5,997,456 June 726,962 387,905 4,302,533 914,372 6,331,772 March 687,634 367,979 4,837,791 977,426 6,871,493

MEAT—COLD-STORAGE HOLDINGS ON FIRST OF MONTH. [Bureau of Agricultural Economics, Department of Agriculture.] [000 omitted.]

Pork Lamb Pork Lamb Year and month. Beef. and Year and month. Beef. and products. mutton. products. mutton.

Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. 1922-July 50,706 707,384 3,720 1923-April 90,502 864,674 6,635 1923-January.. 116,255 570,510 4,523 May. 78,535 940,071 5,774 February 114,113 688,924 5,890 June. 64,922 906,496 4,582 March 100,591 783,680 5,758 July., 57,237 907,098 3,547

EXPORTS OF CERTAIN MEAT PRODUCTS. [Bureau of Foreign and Domestic Commerce, Department of Commerce.]

Beef. Hog products. Year and month Pickled and Hams and Pork, Canned Fresh. other cured. Bacon. shoulders. Lard. pickled.

Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. 1922-June 236,766 189,048 2,566,966 24,067,391 31,553,329 57,249,301 3,005,883 1923-January.. 168,293 319,827 1,204,826 43,352,032 31,080,322 107,786,214 3,806,190 February 252,848 319,955 1,928,746 36,295,790 28,192,070 89,055,311 3,863,040 March 104,438 348,156 2,312,125 40,548,895 25,891,696 109,187,122 3,324,946 April.... 116,949 157,202 1,936,646 34,790,325 33,738,072 85,474,841 2,763,011 May 222,135 440,144 1,612,194 34,524,491 30,031,731 93,198,992 2,442,929 June 176,033 138,948 2,106,883 28,641,168 30,749,110 64,605,237 2,977,123

DAIRY PRODUCTS AND POULTRY. [Bureau of Agricultural Economics, Department of Agriculture.] [000 omitted.]

Butter. Cheese. Poultry.

Year and month. Receipts Cold- Receipts Cold- Receipts Cold- Receipts Cold- at five storage at five storage at five storage at five storage principal 2 2 2 principal 2 principal principal 1 holdings. markets.1 holdings. markets.1 holdings. markets.1 holdings. markets.

Pounds. Pounds. Pounds. Pounds. Cases. Cases. Number. Number 1922—June 93,139 67,410 22,756 33,130 1,929 9,811 16,207 34,837 1923—January. 48,123 16,122 12,887 26,593 853 213 43,735 121,632 February. 40,662 8,910 12,575 20,693 1,025 13 23,619 113,503 March 50,409 4,824 15,573 14,465 2,124 453 17,154 94,872 April 46,692 3,248 15,779 14,077 2,121 3,737 12,448 74,748 May 65,020 10,112 18,815 17,507 2,909 7,890 13,392 57,274 June 90,415 62,770 25,421 36,226 2,072 10,208 16,562 49,069

1 Boston, New York, Philadelphia, Chicago, and San Francisco. 2 Holdings on first day of following month.

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FISHERY PRODUCTS LANDED BY AMERICAN FISHING VESSELS. [Boston, Gloucester, Portland, Me., and Seattle. Bureau of Fisheries, Department of Commerce.] [000 omitted.]

Year and month. Pounds. Year and month. Pounds. Year and month. Pounds.

1922—June 16,999 1923—March. 15,590 1923—May.. IS, 004 1923—January.. 7,897 April.. 15,274 June.. 18,614 February 12,499

COLD-STORAGE HOLDINGS OF FROZEN AND CURED FISH ON 15TH OF EACH MONTH. [Bureau of Fisheries, Department of Commerce.] [000 omitted.]

Year and month. Pounds. Year and month. Pounds. Year and month. Pounds.

1922—June 36,270 1923—March 34,518 1923—May 29,586 1923—January 67,514 April 27,578 June 34,796 February 50,645

COTTONSEED AND COTTONSEED OIL. Bureau of the Census, Department of Commerce.

Cottonseed. Cottonseed oil. Cottonseed. Cottonseed oil.

Year and month. On hand Year and month. On hand Received at mills, Produc- Stocks Received at mills, Produc- Stocks at mills. Crushed. close of tion (000 (000 at mills. Crushed. close of tion (000 (000 month. omitted). omitted). month. omitted). omitted).

Tons. Tores. Tons. Pounds. Pounds. Tons. Tons. Tons. Pounds. Pounds. 1922—June 16,810 20,423 19,767 7,115 12,110 1923—April. 21,131 116,301 64,752 40,356 37,484 1923—January 213,235 469,783 527,839 145,292 92,129 May.. 19,204 60,858 23,098 20,176 24,196 February 92,200 317,182 302,381 100,403 83,667 June. 23,561 33,391 13,768 11,003 11,733 March 57,595 200,504 159,922 62,170 60,137

OLEOMARGARINE, COLORED AND UNCOLORED. [Commissioner of Internal Revenue.]

Consump- Consump- Year and month. Consump- Year and month. tion. Year and month. tion. tion.

Pounds. Pounds. ' Pounds. 1922—June 10,040,000 1923—March 19,722,000 ' 1923—May 18,454,000 1923—January 20,633,000 April 18,033,000 ; June February 19,722,000 j

TOBACCO SALES AT LOOSE-LEAF WAREHOUSES. [Reports of State authorities.]

Bright belt. Dark belt, Western Year and month. Burley, dark, Virginia. North South Kentucky. Kentucky. Virginia. Carolina Carolina.

Pounds. Pounds. Pounds. Pounds. Pounds. Pounds. 1922—June 2,264,675 943,425 1923—January 6,293,794 5,028,985 9,263,919 25,621,833 11,614,664 February 5,540,972 3,451,427 4,728,129 12,832,332 8,263,133 March 2,955,301 818,520 8,514,003 5,256,445 5,082,050 April 327,624 805,705 3,175,180 May 48,535 190,945 628,515 .Tnnft 205,635 133,755

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SALE OF REVENUE STAMPS FOB MANUFACTURES OF TOBACCO IN THE UNITED STATES (EXCLUDING POBTO RICO AND THE PHILIPPINE ISLANDS). [Bureau of Internal Revenue, Treasury Department.]

Manufac- Manufac- Year and month. Large Small Small tured Year and month. Large Small Small tured cigars. cigars. cigarettes. tobacco. cigars. cigars. cigarettes. tobacco.

Number. Number. Number. Pounds. Number. Number. Number. Pounds. 1922—June 615,253,023 57,382,293 5,301,643,020 35,099,269 1923—April 532,533,522 41,154,200 4,710,544,617 30,759,305 1923—January... 559,183,386 52,146,000 5,349,771,046 33,545,630 May 575,915,851 45,550,027 5,554,990,050 32,996,629 February.. 507,266,094 43,539,307 4,623,431,030 29,083,145 June March 574,514,691 49,954,700 5,043,326,540 32,269,394

FRUIT AND VEGETABLE SHIPMENTS. [Bureau of Agricultural Economics, Department of Agriculture.]

Fruit. Vegetables. Year and month. Grape- White fruit. Lemons. Oranges. Apples. potatoes. Onions. Eice.

100-pound Carloads. Carloads. Carloads. Carloads. Carloads. Carloads. packets. 1923—June 166 1,678 2,011 1,106 22,032 934 28,320 1923—January.. 2,512 686 7,505 8,171 16,477 1,909 101,552 February 1,877 626 8,009 6,257 13,758 1,398 56,178 March 2,825 8,345 5,362 22,917 1,413 65,448 April 1,866 7,248 2,699 21,745 1,315 70,774 May 1,801 1,301 6,629 1,529 , 15,124 2,514 56,004 June 616 1,376 4,986 468 19,849 683 34,837

SUGAR. [All United States ports. American Sugar Bulletin.l

Year and month. Receipts. Meltings. Stocks. Year and month. Receipts. Meltings. Stocks.

Long tons. Long tons. Long tons. Long tons. Long tons. Long tons. 1922—June 552,573 549,600 474,370 1923—April 539,858 478,100 501,339 1923—January.. 274,507 270,600 485,772 May. 466,425 479,100 433 770 February. 421,370 383,100 434,556 June. 354,739 328,400 396,233 March 676,245 505,300 499,543

LUMBER.

National Lumber Manufacturers' Association. Southern Pine Association. Year and month. Number Number of mills. Production. Shipments. of mills. Production. Shipments.

Board feet. Board feet. Board fed. Board feet. 1922—June 448 1,060,600,000 1,100,600,000 157 379,838,000 413,617,000 1923—January. 553 1,066,400,000 1,281,500,000 172 409,060,000 476,536,000 February, 569 977,669,000 1,132,320,000 179 359,360,000 385,973,000 March 587 1,355,082,000 1,479,044,000 180 431,227,000 437,623,000 April 573 1,271,056,000 1,273,815,000 178 380,491,000 427,110,000 May 586 1,536,817.000 1,448,215,000 181 427,240,000 455,242,000 June 590 1,459,313,000 1,269,476,000 181 402,128,000 372,130,000

West Coast Lumber Manufacturers' •Western Pine Association. Association (Douglas fir). Year and month. Number Number Shipments. of mills. Production. Shipments. of mills. Production

Board feet. Boardfeet. Boardfeet. Board feet. 1922—June 163,825,000 173,223,000 120 350,284,000 371,418,000 1923—January. 64,093,000 128,711,000 122 313,818,000 372,606,000 February 59,148,000 116,557,000 124 302,517,000 360,047,000 March... 120,711,000 148,042,000 127 494,981,000 566,902,000 April 174,615,000 130,571,000 121 399,361,000 420,103,000 May 197,067,000 152,981,000 121 481,977,000 494,085,000 June 193,683,000 138,805,000 118 420,426,000 424,485,000

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NAVAL STOKES AT 3 SOUTHERN POETS. (Savannah, Jacksonville, Pensacolaj

Turpentine. Rosin. Turpentine. Rosin.

Year and month. Stocks at Stocks Year and month. Stocks at Stocks Receipts. close of Receipts. close of Receipts. close of Receipts. close of month. month. month. month.

Casks. Casks. Barrels. Barrels. Casks. Casks. Barrels. Barrels. 1922—June 31,306 10,731 100,556 287,138 1923—April 20,167 14,619 77,463 210,244 1923—January 10,326 38,758 67,967 338,957 May 34,130 18,224 105,626 211,130 February 5,814 29,238 46,644 282,610 39,014 13,176 116,902 215,100 5,431 14,596 48,445 222,501

COAL AND COKE. [Production figures from Geological Survey, Department of the Interior. Anthracite shipments from Anthracite Bureau of Information.)

Coal. Coke.

Year and month. Anthracite. Bituminous Beehive By-product production. production. production. Production. Shipments I

Tons. Tons. Tons. Tons. Tons. 1922-June 22,309,000 84,000,000 0) 458,000 2,580,000 1923—January... 50,178,000 8,713,000 6,671,822 1,478,000 3,100,000 February. 42,130,000 7,773,000 5,951,713 1,482,000 2,810,000 March 46,823,000 9,382,000 7,183,518 1,749,000 3,256,000 April 42,564,000 8,063,000 6,173,774 1,776,000 3,206,000 May 46,076,000 8,573,000 6,564,285 1,829,000 3,328,000 June 45,490,000 8,665,000 6,634,787 1,755,000 3,166,000

1 No figures issued during months of coal strike, April to September, 1922.

CRUDE PETROLEUM. [Geological Survey, Department of the Interior.)

Produc- Produc- Stocks at ing oil Stocks at ing oil Year and month. Production. close of Year and month. Production. close of wells com- month. wellscom- month. pleted. pleted.

Barrels. Barrels. Number. Barrels. Barrels. Number. 1922—June 45,559,000 255,817,000 1,654 1923—April. 58,133,000 264,627,000 1,521 1923-^Tanuary.. 51,467,000 249,794,000 1,208 May.. 61,962,000 273,157,000 1,871 February 48,413,000 252,275,000 1,094 June. 61,364,000 283,651,000 1,830 March 56,132,000 258,738,000 1,248

TOTAL OUTPUT OF OIL REFINERIES IN THE UNITED STATES. [Bureau of Mines, Department of Interior.)

Crude oil Gas and Lubricating Year and month. run. Gasoline. Kerosene. fuel oil. oil.

Barrels. Gallons. Gallons. Gallons. Gallons. 1922—June 41,804,633 525,940,600 173,649,592 903,056,578 80,138,257 1923—January.. 46,824,838 623,823,337 212,447,902 989,376,102 87,077,868 February 42,671,763 568,652,078 180,374,676 902,562,531 77,497,525 March 46,818,895 630,701,355 190,701,276 970,891,272 90,745,095 April 46,709,634 619,042,667 181,948,359 976,766,264 90,692,707 May 47,972,670 631,704,693 189,176,846 966,165,819 105,362,853 June 47,803,387 636,734,217 179,073,758 970,869,873 95,726,103

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TOTAL STOCKS AT OIL REFINERIES AT CLOSE OF MONTH. [Bureau of Mines, Department of the Interior.]

Crude oil Gas and fuel Lubricating Year and month. run. Gasoline. Kerosene. oil. oil.

Barrels. Gallons. Gallons. Gallons. Gallons. 1922—June 36,178,308 824,966,456 317,574,464 1,326,939,662 226,903,812 1923—January.. 29,913,916 1,002,857,273 275,436,804 1,265,074,722 240,689,649 February 28,113,379 1,130,340,767 272,762, 568 1,276,876,028 238,858,694 March 31,133,477 1, 259,209,171 283,339,806 1,254,122,371 235,262,558 April 31,343,170 1,336, 417, 871 273,005,180 1,272,978,330 234,700,221 May 31,510,888 1,328,533,247 272,672,284 1,246,662,180 226,288,516 June 31,718,243 1,263,583,128 264,301,002 1,324,025,107 225,137,230

ELECTRIC POWER PRODUCED BY PUBLIC-UTILITY PLANTS. [Geological Surrey, Department of the Interior.] [In thousand kilowatt-hours.]

Produced Produced Produced Produced Year and month. by water Total. Year and month. by water Total. power. by fuels. power. by fuels.

1922—June ' 1,569,628 2,247,487 3,837,115 i 1923—April 1,783,652 2,689,820 4,473,472 1923—January I 1,620,311 3,133,515 4,753,826 May 1,921,059 2,732,238 4,653,297 February j 1,467,710 2,856,568 4,324,278 |; June ! 1,764,221 2,765,649 4,529,870 March I 1,719,362 3,008,602 4,727,064 ij

IRON AND STEEL. [Iron-ore shipments, Marine Review; pig-iron production, Iron Age; unfilled orders, United States Steel Corporation; structural-steel sales, Bureau of the Census, Department of Commerce; steel barrels, Steel Barrel Manufacturers' Association; steel castings, Bureau of the Census, Depart- ment of Commerce.]

Steel barrels. Iron ore Unfilled or- shipped Pig-iron ders, U. S. Fabricated Steel Year and month. structural- castings, from Lake production. Steel Cor- steel sales. Unfilled bookings. Superior. poration. | Shipments. orders.

Long tons. I Long tons. Long tons. Short tons. Number. Number. Short tons. 1922—June 6,629,711 I 2,361,028 5,635,531 168,498 266,944 427,739 89,365 1923—January ! I 3,229,604 6,910,776 172,415 206,021 518,463 100,605 February | I 2,994,187 7,283,989 183,938 193,992 603, 774 90,152 March j j 3,523,868 7,403,332 218,997 254,573 627,143 143,564 April I 14,184 3,547,736 7,288,509 185,335 245,125 556,801 90,968 May 6,671,705 ! 3,867,694 6,981,351 130,828 234,440 493,098 I 89,493 June 9,499,501 I 3,668,413 6,386,261 112,785 207,563 493,733 84,878

STEEL-INGOT PRODUCTION. Revised figures representing total production of all companies estimated in 1922 from reports of companies which produced 84.15 per cent of the total and in 1923 from reports of companies which made 95.35 per cent of the 1922 total output. Compiled by the American Iron and Steel Institute.]

Year and month. Long tons. Year and month. Long tons. Year and month. Long tons.

1922—January 1,891,857 1922—July 2,952,806 1923—January 3,822,369 February 2,071,772 August 2,629,256 February 3,454,918 March 2,814,667 September 2,818,261 March 4,046,854 April 2,902,240 October 3,410,265 April 3,944,412 May 3,218,794 November 3,430,309 May 4,195,800 June 3,127,775 December 3,300,416 June 3,748,890

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NONFERROUS METALS. [Copper and silver, American Bureau of Metal Statistics; zinc, American Zinc Institute; tin deliveries, New York Metal Exchange.]

Zinc. Coppo' Silver Tin Year and month. proo1' .vion. production. deliveries. Production. Stocks. Shipments.

Pounds. Ounces. Pounds. Pounds. Pounds. Pounds. 1922—June 95,222,358 4,760,160 57,094,000 59,152,000 78,760,000 11,491,200 1923—January.. 112,159,097 5,189,745 92,634,000 33,148,000 95,990,000 14,840,000 February.. 102,735,144 4,728,953 84,886,000 21,728,000 96,306,000 13,854,400 March 121,561,969 6,109,841 97,462,000 20,042,000 99,148,000 14,862,400 April 117,913,571 6,615,535 93,732,000 17,952,000 95,822,000 15,176,000 May 125,456,916 6,835,221 94,694,000 26,038,000 86,608,000 13,518,400 June 124,869,356 5,100,840 85,680,000 34,346,000 77,372,000 12,118,400

COTTON. [Sight receipts, American spinners' takings, New Orleans Exchange; all other figures, Bureau of the Census, Department of Commerce.]

Spindles Spindle American ! Stocks at Consump- Year and month. Sight spinners' Stocks at active hours active receipts. takings. mills. warehouses. during during month. month.

Bales. Bales. Bales. Bales. Bales. Number. Hours. 1922—June 506,575 371,910 1,330,903 1,953,478 509,218 31,882,542 7,646,304,949 1923—January.. 872,132 687,246 1,986,605 3,481,689 610,375 35,240,853 9,266,299,904 February 410,188 398,859 2,021,903 2,804,494 566,924 35,397,707 8,449,376,685 March 452,817 422,087 2,034,535 2,377,799 623,105 35,500,518 9,531,002,951 April 305,058 356,511 1,889,218 1,966,441 577,396 35,515,791 8,787,443,897 May 374,977 406,240 1,621,290 1,579,606 620,965 35,390,137 9,309,093,873 June 275,127 254,439 1,345,066 1,232,888 542,166 34,843,421 8,384,558,582

PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS. [National Association of Finishers of Cotton Fabrics.]

Num- Fin- Num- Fin- Year and month. ber of Finished Orders Ship- ished Year and month. ber of Finished Orders Ship- ished firms. yards billed. received. ments. stocks. firms. yards billed. received. ments. stocks.

Yards. Yards. Cases. Cases. Yards. Yards. Cases. Cases. 1922—June 35 99,874,093 102,767,560 48,487 44,792 1923—April 32 105,459,878 99,741,502 52,010 43,103 1923—January 32 105,985,980 111,130,132 57,471 43,658 May 32 104,339,961 79,818,724 51,569 44,445 February 32 99,441,978 102,826,706 55,092 40,935 June 32 90,302,181 74,146,204 41,588 48,155 March 32 115,455,778 120,441,005 60,827 41,142

KNIT UNDERWEAR. [Compiled by Federal Reserve Board from reports submitted by 26 members of the Associated Knit Underwear Manufacturers of America.]

Unfilled Unfilled Produc- New Ship- Cancel- orders, Produc- New Ship- Cancel- orders, Year and month. tion. orders ments. lations. end of Year and month. tion. orders ments. lations. end of received. month. received. month.

Dozens. Dozens. Dozens. Dozens. Dozens. Dozens. Dozens. Dozens. Dozens. Dozens. 1922—June 392,460 365,088 324,198 9,436 828,831 1923—April 405,234 208,273 369,079 7,019 1,362,426 1923—January 397,405 715,538 464,746 6,961 1,927,388 May 427,321 265,944 358,320 8,306 1,261,747 February 370,365 265,301 469,287 3,207 1,730,198 June 399,498 187,528 357,476 7,383 1,084,416 March 438,922 317,887 521,729 5,123 1,522,233

WOOL. [Bureau of the Census, Department of Commerce. Total grease equivalent in pounds.]

Consump- Consump- Consump- Year and month. tion. Year and month. tion. Year and month. tion.

1922—June 52,620,985 1923—March 62,859,150 1923 May 59,682,254 1923—January 63,348,352 April 56,410,887 52,648,595 February 57,916,339

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ACTIVE WOOL MACHINERY. [Bureau of the Census, Department of Commerce.J

Percentage of active wool machinery to total reported. Percentage of active hours to total reported.'

Looms. Spinning spindles. Looms. Spinning spindles. Number i of firms Year and month. report- Wider 50-inch Sets of Combs Wider 50-inch Sets of Combs. ing. than reed cards. than cards. 50-inch Woolen. Worsted. 50-inch reed Woolen. Worsted. reed space reed space space. or less. space. or less. i 1922—June 63.6 85.8 75.0 85.7 68.1 i 63.8 59.9 91.0 81.2 89.9 68.5 958 1923—January.. 81.0 85.7 85.8 83.8 84.8 89.5 ! 86.7 83.7 95.1 103.0 91.6 95.4 985 February 83.4 85.7 88.4 87.4 87.0 91.3 79.7 74.3 95.0 93.3 94.6 95.8 977 March 86.3 86.1 90.7 91.4 90.0 93.7 92.9 85.7 103.9 117.2 98.6 102.1 April 86.7 85.2 90.5 89.9 90.0 94.3 89.5 83.7 127.3 119.8 102.0 109.5 May 86.5 85.3 91.2 88.1 89.6 94.1 91.3 84.4 101.4 112.6 99.9 103.6 954 June 84.0 84.6 83.6 87.2 90.2 88.0 83.8 105.9 102.4 93.0 94.5 9U

1 Figures above 100 per cent represent overtime.

MEN'S AND BOYS' GARMENTS CUT. [335 identical establishments. Bureau of the Census, Department of Commerce.]

Men's suits. Men's separate trousers. Boys' suits Year and month. Men's and sepa- Boys' overcoats. rate pants. overcoats. Wool. Other. Wool. Other.

Number. Number. Number. Number. Number. Number. Number. 1923—February. 876,508 149,752 804,558 461,238 119,416 623,587 15,615 March 967,516 158,526 876,872 498,520 155,471 731,200 21,294 April 710,495 133,757 731,865 460,880 195,425 644,808 33,527 May 707,335 132,531 710,469 475,632 292,973 701,614 56,897 June 721,219 683,449 343,772 352,006 782,253 89,788

SILK. [Silk imports, Bureau of Foreign and Domestic Commerce, Department of Commerce; consumption and stocks, Silk Association of America.]

Stocks at Consump- Stocks at Year and month. Imports. Consump- end of Year and month. Imports. end of tion. month. tion. month.

Pounds. Bales. I Bales. Pounds. Bales. Bales. 1922—June 5,076,665 29,529 26,895 1923—April 3,230,279 38,193 28,657 1923—January.. 4,538,347 34,680 47,087 May. 3,994,157 24,509 29,962 February 3,951,892 36,231 44,615 June. 2,969,519 27,824 25,865 March 4,508,931 33,515 39,436

SALES OF RAWHIDES AND SKINS. [Bureau of the Census, Department of Commerce.]

Cattle Goat and Sheep and Year and month. hides. Calfskins. Kipskins. kid. Cabretta. lamb.

Number. Number. Number. Number. Number. Number. 1922—June 1,495,679 1,019,279 182,634 1,234,299 27,650 2,737,603 1923—January... 1,936,659 770,302 205,310 1,085,509 99,452 3,408,471 February.. 1,696,759 725,148 198,030 1,089,205 112,808 2,901,645 March 2,518,339 701,569 155,905 1,235,828 101,575 3,262,159 April 1,566,000 1,047,997 223,245 1,565,104 50,022 3,657,001 May 1,355,259 1,067,533 273,467 1,485,894 61,536 2,729,747 June

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STOCKS OF RAWHIDES AND SKINS AT CLOSE OF MONTH. [Bureau of the Census, Department of Commerce.]

Cattle Goat and Sheep and Year and month. hides. Calfskins, j Kipskins. kid.

Number. Number. Number. Number. Number. Number. 1922—June 5,347,279 3,597,722 876,226 10,799,335 878,239 10,971,445 1923—January... 6,384,131 2,937,450 1,148,594 8,952,825 1,079,410 9,188,283 February. 6,649,639 2,648,391 1,068,265 7,950,484 967,555 9,058,455 March 6,749,130 2,689,356 1,010,479 7,779,359 966,347 8,509,528 April 6,229,421 2,796,748 1,033,774 8,800,071 1,060,989 9,274,991 May 6,346,769 3,198,680 967,133 8,890,019 1,153,074 9,193,406 June

PRODUCTION OF LEATHER. [Prior to July, 1922, Tanners' Council; since July, 1922, Bureau of the Census, Department of Cormr.erce.]

Sole Oak and Sole Oak and Year and month. leather. Skivers. union Year and month. Skivers. union harness. leather. harness.

Sides Sides. Dozens. stuffed. Sides. Dozens. 1j 1922—June 1,421,775 16,815 95,953 i 1923—April 1,701,693 38,706 132,801 1923—January.. 1,667,498 36,416 144,213 May. 1,696,389 39,693 194,872 February, 1,465,912 36,948 139,365 June. 1,655,320 36,322 131,736 March 1,719,281 40,935 145,843

OUTPUT OF BOOTS AND SHOES. [Bureau of the Census, Department of Commerce.]

Year and month. Men's. Women's. All other. Total. Year and month. Men's. Women's. All other. Total.

Pairs. Pairs. Pairs. Pairs. Pairs. Pairs. Pairs. Pairs. 1922—June 6,214,074 8,257,286 10,159,70S 24,631,068 i 1923—April 9,015,130 9,918,033 12,934,613 31,867,776 1923—January 9,104,717 9,642,794 11,996,229 30,743,740 May 8,407,848 9,664,803 12,853,3S3 30,926,004 February 8,690,580 9,583,855 12,026,171 30,300,606 June 7,442,927 8,787,523 11,875,690 28,106,140 March 10,054,434 11,633,993 14,147,792 35,836,219

CLAY FIRE BRICK. [Refractories Manufacturers' Association.]

Unfilled Year and month. Production. Shipments. Stocks. New orders. orders.

Number. Number. Number. Number. Number. 1922—June 48,367,000 45,772,000 153,517,000 57,805,000 56,861,000 1923—January.. 64,804,000 57,569,000 163,977,000 64,883,000 75,421,000 February 56,075,000 53,222,000 163,426,000 67,164,000 88,713,000 March 66,456,000 70,624,000 169,180,000 99,330,000 118,284,000 April 64,647,000 65,276,000 157,685,000 66,613,000 120,564,000 May 67,242,000 66,299,000 158,864,000 53,086,000 107,352,000 June 63,861,000 60,321,000 162,404,000 46,244,000 93,274,000

SILICA AND FIRE BRICK. [Silica brick, Refractories Manufacturers' Association; face brick, American Face Brick Association.]

Silica brick. Face brick.

Year and month. Stocks in Unfilled or- Production. Shipments. Stocks, close Production. Shipments. sheds and ders close of month. Mlns. of month.

Number. Number. Number. Number. Number. Number. | Number. 1922—June 11,578,000 10,676,000 38,747,000 59,756,000 56,762,000 118,756,000 1 89,860,000 1923—January- 14,308,000 14,281,000 46,174,000 43,240,000 28,853,000 129,428,000 i 74,718,000 February 14,544,000 14,418,000 45,492,000 32 473,000 26,679,000 134,175,000 91,819,000 March 16,793,000 17,804,000 44,481,000 33,522,000 32,674,000 102,741,000 82,377,000 April 13,981,000 14,363,000 42,242,000 34,906,000 37,968,000 92,794,000 87,674,000 May 16,684,000 17,995,000 42,297,000 26,057,000 29,421,000 60,939,000 57,363,000 June 15,264,000 16,056,000 41,504,000 38,138,000 36,587,000 89,075,000 73,112,000

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CEMENT. [United States Geological Survey.]

Year and month. Production. Shipments. Stocks. Year and month. Production. Shipments. Stocks.

Barrels. Barrels. Barrels. Barrels. Barrels. Barrels. 1922—June 11,245,000 13,470,000 10,718,000 1923—April 11,359,000 12,954,000 11,463,000 1923—January 7,704,000 5,419,000 11,470,000 May 12,910,000 14,257,000 10,144,000 February 8,085,000 5,963,000 13,502,000 June 12,382,000 13,307,000 9,219,000 March 9,880,000 10,326,000 13,045,000

OAK FLOORING. [Oak Flooring Manufacturers' Association.]

Produc- Ship- Orders Unfilled Produc- Ship- Orders Unfilled Year and month. tion. ments. booked. Stocks. orders. Year and month. tion. ments. booked. Stocks. orders.

Boardfeet. Boardfeet. Boardfeet. Boardfeet. Boardfeet. Boardfeet, Boardfeet. jBoardfett Board feet.\Board feet. 1922—June 23,495,000 28,646,000 24,472,000 20,245,000 38,434,000 1923—April 30,706,'00"0 32,068,0032,068," 0000 5 25,298,000"1,749,000]57,356,00 23, 0 1923—January 27,473,000 24,162,000 30l;, 137,000 25,447,000 50,398,000 May. 34,636, 00—0 -32,009,00" 0 ~22 ;677,00 I 0 26i,816,00; 0 49,548,000 February 24,421,000 25,031,000 33i,, 458,000 25,301,000'56,936,000 June. 34,342, 000 28,067,00015,081,000 33,793,00O!38,530,O00 March 32,236,00034,964 000 39,641,000 25,297,000|65,823,000

MAPLE FLOORING. [Maple Flooring Manufacturers' Association.]

Produc- Ship- Orders Unfilled Produc- Ship- Orders Unfilled Year and month. tion. ments. Stocks. booked. orders. Year and month. tion. ments. Stocks. booked. orders.

Boardfeet. Boardfeet. Boardfeet. Boardfeet. Boardfeet. Boardfeet. Boardfeet. Boardfeet. Boardfeet Boardfeet. 1922—June 12,025,00014. 237' 000 27,877] 000 13,439,000 26,193', 000 ] 1923—April 11,401,000151,181,00019,060,0001, 10,924,000 0 361,722,00, 0 1923—January 13,929,00013\,, 269,000 25,023,000124,481,000 36,084,000 May.. 12,069,000 12,999; 19,131,000 8,034,000 34,,578,000 February 11,333,00011, 354,000 25,539,000 16,033,000 40,200,000 June. 10,509,00011;, 033,000118,867,000 4,987,000 28i,; 265,000 March 12,344,000 15,329"• ; 000 "1,161,00018,321,0023; 0 42,434,000 I ENAMELED SANITARY WARE. [Enameled Sanitary Ware Manufacturers' Association.)

Baths. Lavatories. Sinks. Miscellaneous.

Year and month. Stocks Stocks Stocks Stocks Orders at end of Orders Orders at end of Orders Orders at end of Orders Orders at end of Orders shipped. month. received. shipped. month. received. shipped. month. received. shipped. month. received.

Number. Number. Number. Number. Number. Number. Number. Number. Number. Number. Number. Number. 1922—June 82,378 37,846 128,876 102,345 68,558 162,788 107,671 82,831 166,095 48,507 66,636 74,159 1923—January 85,703 40,530 133,198 91,116 60,535 170,693 116,539 59,580 195,984 53,255 57,616 93,427 February 82,912 40,124 129,847 83,469 56,543 156,033 99,085 59,806 167,607 44,766 49,367 75,431 March 92,473 40,200 116,514 104,876 50,127 148,121 114,677 61,391 149,144 56,359 54,332 67,642 April 83,281 34,308 100,644 91,704 50,429 136,587 97,834 50,628 132,830 51,618 53,594 61,821 May 88,005 32,771 74,585 103,242 39,481 98,272 105,076 48,378 103,781 55,234 47,650 60,354 June 74,457 28,411 63,748 94,312 41,440 74,193 101,855 44,331 73,763 56,388 45,865 42,745

RUBBER AND AUTOMOBILE TIRES AND TUBES. [Indi& rubber imports, Bureau of Foreign and Domestic Commerce, Department of Commerce; all other figures, Rubber Association of America.]

Pneumatic tires. Inner tubes. Solid tires. Consump- tion of India- crude Year and month. rubber Ship- Ship- Ship- rubber imports. Produc- ments, Produc- ments, Produc- ments, by tire tion. Stocks. do- tion. Stocks. do- tion. Stocks. do- manu- mestic. mestic. mestic. facturers.

Thou- Thou- Thou- Thou- Thou- Thou- Thou- Thou- Thou- Pounds. sands. sands. sands. sands. sands. sands. sands. sands. sands. Pounds. 1922—June 50,952,024 2,839 5,042 3,133 3,131 6,187 3,974 170 63 29,654,934 1923—January.. 82,652,532 3,127 4,696 2,994 3,952 5,838 3,749 262 61 34,186,395 February, 60,379,290 3,218 5,224 2,589 4,039 6,772 3,002 270 63 34,235,455 March 69,280,706 3,865 5,671 3,323 4,875 7,741 3,828 266 77 41,593,860 April 69,580,014 3,539 6,088 2,976 4,260 8,394 3,536 261 73 38,348,000 May 80,107,447 3,660 6,907 2,758 4,318 9,292 3,414 268 67 47,671,276 June 79,188,711 2,957 7,041 2,502 3,590 8,924 3,581 283 52 32,002,513

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AUTOMOBILES. [Automobile Chamber of Commerce and Federal^Reserve^Bank of Chicago.]

Production. Shipments. Production. Shipments.

Year and month. Passen- By Drive- Year and month. Passen- Drive- By boat Trucks By boat ger cars Trucks tram aways ger cars (num- train aways (ma- (num- (ma- (num- (car- (ma- (num- ber). (car- (ma- chines). ber). ber). loads). chines). chines). ber). loads). chines).

1922—June 262,384 25,373 34,230 33,857 7,737 1923—April 343,793 36,786 46,095 60,467 5,027 1923—January 223,653 18,913 35,228 30,027 728 May 350,073 42,373 45,214 62,157 12,806 February 259,383 21,288 36,147 43,600 882 June 337,048 39,945 40,550 57,500 13,500 March 319,327 34,063 44,372 62,656 1,940

LOCOMOTIVES. [Compiled from reports of three largest locomotive companies.]

Output. Unfilled orders. Output. Unfilled orders.

Year and month. Do- For- Year and month. Do- For- mestic, eign, Do- For- mestic, eign, Do- For- ship- com- Total. mestic. eign. Total. ship- com- Total. mestic. eign. Total. ped. pleted. ped. pleted.

1922—June 67 47 114 49S 101 596 1923—April 201 16 217 2,111 93 2,204 1923—January 217 12 229 1,699 89 1,788 May 228 10 238 2,045 105 2,150 February 196 11 207 2,141 79 2,220 June 221 11 232 1,854 104 1,958 March 269 13 282 2,214 102 2,316

VESSELS BUILT IN THE UNITED STATES AND OFFICIALLY NUMBERED BY THE BUREAU OF NAVIGATION.

Gross Gross Year and month. Number. tonnage. Year and month. Number. tonnage.

1922—June 129 16,959 1923—April 38,972 1923—January.. 36 14,292 May., 125 15,518 February. 37 21,392 June. 126 54,161 March 67 24,978

RAILROAD OPERATING STATISTICS—FREIGHT CARRIED BY CLASS I RAILWAYS. [Interstate Commerce Commission.]

Net tons Net tons Net ton-miles Net tons per Net ton-miles Net tons per Year and month. revenue and per loaded Year and month. revenue and per loaded nonre venue. train. nonrevenue. train. car.

1922—May 27,855,386,000 635 25.0 1923—March 39,288,481,000 711 27.9 1923—January.. 37,668,368,000 692 29.0 April.. 38,307,855,000 722 27.6 February. 32,618,117,000 672 28.2 May... 39,597,532 726 28.0

RAILWAY CAR LOADINGS—REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS. [American Railway Association.] LOADINGS BY COMMODITIES. [Number of cars.]

Grain and Forest Merchan- Miscella- Year and month. grain Live stock. Coal. Coke. Ore. Total. products. products. dise, 1. c. 1. neous.

1922—June 174,694 128,602 412,384 41,600 272,986 235,349 1,075,043 1,373,301 3,713,959 1923—January.. 212,499 155,250 62,243 300,724 49,088 925,270 1,239,179 3,813,134 February 164,834 128,253 741,966 60,181 266,582 41,239 848,473 1,141,547 3,393,075 March 184,528 140,152 834,363 69,210 337,273 60,013 1,040,050 1,458,625 4,124,214 April 159,412 131,807 735,645 66,346 320,690 84,039 992,893 1,433,303 3,924,135 May 149,143 138,302 798,153 66,988 335,727 272,448 1,062,239 1,517,439 4,340,439 June 152,314 132,874 814,764 65.300 341,210 347,578 1,056,591 1,507,197 4,417,828

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RAILWAY CAR LOADINGS—REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS—Continued. LOADINGS BY DISTRICTS. [Number of cars.]

Poca- North- Central South- Total, all Year and month. Eastern. Alleghany. hontas. Southern. western. western. western. districts.

1922—June 835,026 726,170 191,586 560,248 642,910 520,620 237,399 3,713,959 1923—January... 909,544 819,563 142,820 591,158 499,672 572,877 277,500 3,813,134 February.. 811,548 731,356 134,233 546,066 428,704 530,922 210,248 3,393,075 March 1,025,007 902,814 161,804 659,684 512,668 612,250 249,987 4,124,214 April 993,221 871,382 156,177 587,351 500,283 578,185 237,536 3,924,135 May 1,079,256 970,548 178,528 603,723 666,376 594,794 247,214 4,340,439 June 1,091,984 984,492 180,322 579,295 735,048 600,228 246,459 4,417,828

FREIGHT-CAR SURPLUS, FREIGHT-CAR SHORTAGE, AND BAD-ORDER CARS. [American Railway Association.]

Surplus. Shortage. Bad-order Year and month. cars. Total. Box. Coal. Total. Box. Coal.

1922—June 261,990 62,425 165,238 2,935 1,184 1,581 340,822 1923—January.. 26,588 6,976 7,208 73,163 26,815 38,477 216,011 February 23,101 5,692 6,263 75,228 29,138 38,432 209,471 March 13,157 2,644 3,980 73,535 34,068 31,061 215,552 April 13,507 4,054 3,249 46,601 20,538 20,981 206,312 May 22,411 9,084 3,175 22,235 5,411 14,584 210,505 June 215,401 125,082 14,822 48,878 7,162 33,800 211,766

VESSELS CLEARED IN FOREIGN TRADE. [Bureau of Foreign and Domestic Commerce, Department of Comm erce.]

Year and month. Total. American. Foreign. Year and month. Total. American. Foreign.

1922—June 5,653,486 2,625,434 3,028,052 1923—April. 4,890,360 2,041,918 2,848,442 1923—January.. 4,551,592 1,873,220 2,678,372 May- 5,919,841 2,547,394 3,372,447 February, 4,113,059 1,586,705 2,526,354 June. 6,124,044 2,648,607 3,475,437 March 4,649,164 1,816,542 2,832,622

PANAMA CANAL TRAFFIC AND COMMERCE AT SAULT STE. MARIE CANALS. [Panama Canal and United States War Department, Engineer Corps.] [Tons, 000 omitted.]

Commerce at Sault Ste. Commerce at Sault Ste. Panama Canal traffic. Marie canals. Panama Canal traffic. Marie canals. Year and month. Year and month. T t , Ameri- Ameri- cano can ves- British Total East- West- Total can ves- British Total East- West- carg0- sels. vessels. freight. bound. bound. cargo. sels. vessels. freight. bound. bound.

1922—June 978 480 268 8,066 7,597 469 1923—April, 2,187 1,373 510 1923—January 1,592 775 407 May 2,262 1,502 456 io,645 7,544 3,102 February 1,563 959 376 13,750 10,435 3,315 March 1,941 1,168 388

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BUILDING STATISTICS. BUILDING PERMITS ISSUED IN 168 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED.

District District District District District District District District District District District District Total Year and month. No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 (168 (14 (22 (14 (12 (15 (15 (19 (5 (9 (14 (9 (20 cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities).

1922—June 2,845 9,725 3,624 5,839 4,509 3,085 11,897 2,507 2,438 2,888 2,545 10,159 62,061 1923—January.. 918 6,243 1,486 2,946 2,787 2,975 6,310 1,985 735 2,276 2,554 10,313 41,528 February 838 6,880 1,573 2,901 2,585 2,516 5,729 1,742 612 1,913 2,199 9,666 39,154 March 1,993 13,838 3,308 6,411 4,232 3,251 10,735 2,645 1,417 3,086 2,589 13,358 66,863 April 3,536 11,881 6,203 7,886 4,954 3,434 15,066 3,349 2,974 3,798 2,259 12,661 78,001 May 4,080 11,545 4,031 7,649 4,409 3,529 16,739 3,517 3,225 3,376 2,847 12,541 77,488 June 3,230 10,808 3,428 5,931 3,757 2,887 13,598 2,923 2,438 2,654 2,366 11,825 65,845

VALUE OF PERMITS ISSUED (000 omitted).

District No. 1 District No. 2 District No. 3 District No. 4 District No. 5 District No. 6 District No. 7 Year and month. (14 cities). (22 cities). (14 cities). (12 cities). (15 cities). (15 cities). (19 cities).

1922—June $10,657,536 $73,178,500 $18,177,759 $22,428,251 $15,736,766 $6,498,677 $49,933,907 1923—January.. 5,721,023 73,573,838 9,767,144 16,458,521 11,082,623 7,264,918 31,022,139 February 4,002,598 88,207,320 9,877,412 14,164,968 13,084,626 7,811,088 40,490,106 March 10,985,516 167,410,263 31,844,831 23,263,525 14,156,143 7,497,777 59,463,198 April 15,304,128 58,589,211 28,781, 244 25,203,164 25,126,108 11,194,998 91,738,469 May 13,622,894 59,842,599 18,691,039 21,500,283 12,148,655 8,384,172 60,757,728 June 13,791,823 73,249,394 12,894,261 17,709,569 11,327,797 7,988,797 42,544,016

District No. 8 District No. 9 District No. 10 District No. 11 District No. 12 Total (168 Year and month. (5 cities). (9 cities). (14 cities). (9 cities). t20 cities). cities).

1922-June $5,855,459 $6,070,221 $8,894,131 $5,106,004 $30,093,760 $252,630,971 1923—January. 7,935,984 3,750,707 6,902,530 6,248,247 26,164,407 205,892,081 February 6,528,367 2,454,685 7,028,343 6,121,340 28,830,435 228,601,288 March.... 8,641,338 5,573,552 10,951,526 11,426,871 40,203,440 391,417,980 April.... 8,367,520 12,725,312 6,375,681 35,423,339 326,918,124 May 8,407,546 7,976,611 10,956,419 7,640,882 39,269,740 269,198,568 June 5,884,074 6,627,017 8,866,459 6,189,877 39,491,790 251,564,874

BUILDING CONTRACTS AWARDED. (F. W. Dodge Co.)

VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS, BY FEDERAL RESERVE DISTRICTS (000 omitted).

Year and month. District District District District District District District District District District Total. No. 1. No. 2. No. 3. No. 4. No. 5. No. 6. No. 7. No. 8. No. 9. No. 10.

1922—June... $36,259,420 $81,614,205 $26,630,900 $46,801,800 $30,668,191 $77,560,940 $12,153,061 $311,688,517 1923—January 21.808,227 65,232,664 16,770,003 25,691,021 17,63280, 8 43,137,028 $17, 4,524,178 $7, 242,553,717 February 13,758,665 58,613,728 18,780,290 38,546,112 20632,808*22,050,77, , ,, 8 46,763,889 ,863,615 12,198,66312, 845,395 277,379,710 March 25,079,041 98,412,250 31,265,137 52,792,869 30,219,26219267 34,775,34775484 1 59,868,432 21,192,829 15,258,55611 530,786 367,599,089 April 31,892,636 96,267,468 30,552,826 48,786,444 39,147,172 25,537,636 2 75,240,160 17,960,887 17,585,49111, 276,753 397,192,124 May 35,836,702 8S, 361,954 29,172,511 51,864,739 43364,24, 2 20,816,989 5 70,228,768 25,339,943 22,754,52915, 345,929 426,803,960 861,646 37,700,515 0 83,007,289 31,713,796 17,902,23116, 308,805 368,115,967 June 28,817,132 84,842,673 19,801,013 36,959,791 24,145,770 31,002,919 2 25,230,121 407,035

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BUILDING CONTRACTS AWARDED—Continued. BUILDING CONTRACTS AWARDED, BY CLASSES OF CONSTRUCTION. [Compilation by F. W. Dodge Co. lor 27 Northeastern States.] [Thousands of square feet.]

Religious Residential Industrial Business Educa- Hospitals Social and and Public buildings. buildings. buildings. tional and insti- recreational memorial buildings. Total.* buildings. tutions. buildings. buildings.

1919 241,884 153, 264 110,880 22,980 4,416 15,180 5,328 2,064 560,196 1920 137,520 127,824 82,440 26,280 6,276 12,360 5,064 2,832 401,892 1921 204,564 35,772 65,244 40,584 10,692 17,472 9,204 3,024 387,204 1922 310,392 65,556 95,232 54,588 11,784 18,216 12,852 3,384 572,940 1922. June 31,519 4,305 10,289 8,132 860 3,223 1,598 484 60,526 July 24,392 6,870 8,780 6,901 1,396 1,435 1,433 452 51,705 August 23,712 11,262 7,793 5,228 1,712 2,555 1,337 270 54,019 September 23,059 4,569 9,074 3,644 714 1,855 1,035 198 44,275 October 25,814 7,242 6,873 3,343 1,085 1,077 1,162 149 46,806 November 28,759 6,415 6,427 2,180 1,016 870 992 266 46,946 December 24,950 4,202 6,710 2,330 427 375 194 38,603 1923. January 24,586 4,410 5,870 2,153 814 395 200 38,947 February 22,668 5,096 7,044 3,992 692 1,354 633 110 41,611 March 39,286 7,673 9,886 4,092 1,172 1,643 892 274 64,920 April 39,174 5,997 9,561 5,849 672 1,736 1,270 264 64,527 May 34,332 8,826 9,759 3,949 508 1,743 1,062 216 60,430 June 25,254 4,817 8.387 3,717 1.346 1,589 1,007 161 46,344

1 Includes miscellaneous building contracts as well as groups shown. WHOLESALE AND RETAIL TRADE. average decline in department sales was less than 4 per cent. This decline in department- The volume of wholesale and retail trade was store business was more general in the agricul- about as large in June as in May, although there tural districts than in industrial sections. is usually a considerable decline in sales at Reductions in stocks of merchandise were re- this season of the year. The Federal Keserve Board's index of wholesale trade was 4 per cent higher than in May and 9 per cent higher SALES OF WHOLESALE GROCERIES than in June, 1922. Sales of groceries, meat, H. 1319 * IOO ) dry goods, jewelry, machine tools, and auto- mobile supplies showed increases as compared with May, while decreases occurred in all other A reporting lines. The greatest decreases were in the sales of men's and women's clothing in /si A the New York district. The chart shown below indicates the trend 1 \ of wholesale grocery sales since January, 1919. As these sales are reported in dollars, the change /I in the level of the curve during 1920 and 1921 was largely caused by price fluctuations. As price changes for food have not been very large in 1922 and 1923, the trend in these years measures quite closely changes in the actual volume of business. It will be noted that sales during the first six months of this year 1919 1920 1921 1922 1923 were larger than in the corresponding months of 1922. ported from all districts and the average de- Retail trade was slightly smaller in June crease was about 7 per cent. than in May, owing to decreased sales of mail- Business of 5-and-10-cent stores has been order houses, department stores, and chain much larger in 1923 than in corresponding grocery stores. The decrease in mail-order months of 1922, as is clearly indicated on the sales amounted to 11 per cent, while the accompanying chart. Five-and-ten cent stores

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 952 FEDEKAL RESERVE BULLETIN. AUGUST, 1923.

and drug stores were the only groups of retail CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES establishments which reported increases in AND DISTRICTS—Continued. sales during June. Percentage change in June, 1923, sales as compared with— SALES OF FIVE AND TEN CENT CHAIN STORES May, 1923. June, 1922. (itVCRAGe MONTH, ISIS >• IOO ) 300 300 Groceries—Continued. 280 280 Richmond district -1.9 8.4 Atlanta district -3.1 7.3 260 A 260 Chicago district IS. 4 6.0 St. Louis district... -0.7 -1.3 240 /\ 240 Minneapolis district.... 10.9 2.1 Kansas City district 11.1 1.9 220 / \ 220 Dallas district 0.7 11.2 t San Francisoo district.. 12.1 7.2 200 1 200 Dry goods: I United States 5.9 12.2 \ • 180 | I New York district 31.1 37.7 1923 I Philadelphia district.. -5.2 21.0 160 Cleveland district -0.2 24.1 «-— Richmond district 8.9 5.5 140 f \^ 140 Atlanta district -8.8 0.9 Chicago district... 3.4 4.4 120 J St. Louis district... . 21.8 31.9 Minneapolis district.... -14.1 -47.8 100 Kansas City district -2.6 - 16.1 Dallas district .5.1 6.5 San Francisco district -10.2 4.6 80 Shoes: United States 60 -6.8 7.5 New York district -7.9 10.3 Philadelphia district... 40 -16.9 17.7 Richmond district -25.8 14.9 Atlanta district.. -8.4 31.9 20 Chicago district 13.1 -11.1 St. Louis district 2.0 11.5 JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. Minneapolis district -13.8 26.5 San Francisco district.. -S.4 13.4 Hardware: The following tables indicate the trend of United States -4.5 22.0 New York district -5.0 18.8 wholesale and retail trade by lines and districts Philadelphia district... -6.1 18.2 1 Cleveland district -4.1 27.4 in June: Richmond district -11.7 14.1 Atlanta district 1.4 35.5 WHOLESALE TRADE IN THE UNITED STATES, BY LINES. Chicago district -0.6 15.5 [Average monthly sales 1919 =100.] St. Louis district -11.4 38.4 Minneapolis district... -6.4 114.9 Kansas City district... Hard- 0.8 4.7 Gro- Meat. Dry Shoes. Drugs. Total. Dallas district 0.3 38.0 ceries. goods. ware. San Francisco district. -0.9 Drugs: United States -1.2 6.2 1922. New York district 0.2 6.4 May 74.1 58.2 79.0 60.5 92.7 96.6 72.6 Philadelphia district... -4.3 12.7 June 82.2 62.6 78.9 58.8 91.7 99.6 76.9 Cleveland district -1.7 6.8 July 74.5 59.2 80.2 45.2 81.3 93.6 72.1 Richmond district.. -3.6 11.8 August 86.4 55.9 112.7 66.0 89.5 102.9 83.6 Atlanta district -0.1 11.9 September.. 90.5 60.5 116.1 77.6 95.1 104.6 88.1 Chicago district -1.3 6.3 October 98.7 67.8 108.3 77.2 98.9 111.1 92.4 St. Louis district —22.0 1.4 November.. 95.8 54.1 94.4 67.4 93.1 102.9 84.0 Kansas City district 2.2 2.8 December.. 85.0 56.8 72.8 57.3 83.1 99.0 75.0 Dallas district -1.0 4.3 San Francisco district. -1.6 10.8 1923. Furniture: January 74.9 60.4 105.4 55.7 87.3 113.4 78.4 Richmond district 1.5 76.4 February... 74.9 56.8 100.8 56.3 82.0 106.3 76.1 Atlanta district —2.8 50.4 March 80.7 63.3 113.0 81.6 108.8 120.1 86.0 Kansas City district... -20.8 12.0 AprU 80.3 60.3 87.6 62.3 111.4 106.0 79.0 Dallas district 0.3 18.7 May 81.3 64.1 83.6 67.8 117.2 107.1 80.2 San Francisco district. 14.3 34.3 June 87.7 65.3 88.7 63.1 113.2 106.2 83.5 Agricultural implements: Atlanta district -22.8 16.8 Minneapolis district... 35.5 -11.3 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Dallas district -11.7 45.8 AND DISTRICTS. San Francisco district. 1.3 2.3 Stationery: Percentage change in New York district -1.3 30.0 June, 1923, sales as Atlanta district -15.1 9.1 San Francisco district. 11.2 5.7 compared with— Auto supplies: Chicago district 1.4 7.3 May, 1923. June, 1922. San Francisco district. -0.4 8.6 Men's clothing: Groceries: New York district -33.5 13.8 United States 8.2 7.1 Women's clothing: 11.6 14.1 New York district -34.9 18.7 New York district " 8.0 5.6 Machine tools: Philadelphia district 6.8 13.1 New York district 1.2 110.2 Cleveland district 5.3 10.5 Diamonds: -6.2 -46.1 1 The Federal Reserve Board also issues a mimeographed statement New York district showing department store sales, stocks, and orders for about 60 sepa- Jewelry: 6.8 38.2 rate cities which will be furnished to BULLEKN subscribers on request. New York district

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL RESEKVE BULLETIN. 953

RETAIL TRADE BY REPORTING LINES. [Average monthly sales, 1919-100.)

Chain stores. Depart- ment Mail-order stores (306 houses(4 Five and stores). houses). Grocery Ten (4 Drug (8 Cigar (3 Shoe (5 Music (4 (21 chains). chains). chains). chains). chains). chains).

1922.. April 113.1 77.1 139.2 134.9 120.5 124.5 156.1 78.9 May 115.4 69.9 137.9 129.6 123.2 128.8 126.9 80.9 June 108.2 68.8 136.7 127.0 123.8 123.4 121.7 81.3 July 80.1 58.4 135.1 126.3 126.2 127.3 101.2 83.0 August 87.2 57.2 139.1 130.4 128.2 126.9 86.7 99.1 106.2 75.1 141.0 136.1 128.7 135.4 117.7 118.2 October 129.9 108.7 148.6 156.6 133.1 127.1 121.1 118.8 November 130.1 110.4 162.4 152.3 122.4 126.9 121.9 120.7 December 186.1 107.8 165.5 279.2 161.0 178.7 164.7 203.7 1923. January 99.9 88.4 165.1 115.9 128.7 115.6 85.5 95.0 February 88.5 83.6 158.8 117.4 125.3 109.7 70.8 87.8 March 122.3 112.8 188.4 163.4 144.7 134.5 145.5 96.0 April 116.6 102.0 163.8 143.0 131.7 124.8 121.6 98.8 May 126.2 97.2 177.2 154.6 141.5 136.5 140.0 100.1 June 121.9 86.2 164.3 155.1 148.6 136.3 139.3 97.3

DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS. [Average month, 1919-100.)

District District District District District No. 3— District District District No.9- District No. 12— Index for No. 1— No.2— No. 5— No. 6— No. 7— No. 11— San United Boston New York Philadel- Richmond Atlanta Chicago Minne- Dallas States (24 stores). (64 stores). phia apolis Francisco (18 stores). (19 stores). (35 stores). (70 stores). (24 stores). (21 stores). (31 stores). (306 stores).

1922. April 126.8 119.1 132.1 105.8 98.3 111.9 106.8 87.4 110.8 113.1 May 122.8 117.5 126.4 103.3 97.6 116.5 105.6 96.5 •132.5 115.4 121.9 115.3 108.7 103.0 86.3 110.3 101.3 89.2 111.6 108.2 July 81.7 77.9 86.8 71.0 69.8 83.0 81.2 64.8 95.9 80.1 87.5 78.6 94.9 72.9 73.9 92.1 93.1 67.7 119.3 87.2 September 114.2 107.0 107.2 90.8 86.4 114.4 105.4 101.0 112.5 106.2 October 134.8 145.1 143.8 119.1 113.8 122.1 119.8 104.5 137.0 129.9 134.9 142.0 146.8 122.3 113.1 130.9 107.0 104.9 132.2 130.1 December 197.3 199.5 185.8 184.7 161.8 184.5 164.1 149.2 203.7 186.1 1923. January...... 106.3 108.1 106.1 83.9 83.0 •99.4 92.1 81.0 114.6 1100.0 February. 92.3 87.7 98.0 79.6 78.2 • 92.2 77.0 73.3 101.5 188.4 March. . 126.9 123.9 149.0 115.3 105.5 1 123.8 105.3 99.4 134.6 1122.6 April 127.9 121.6 127.2 100.5 101.2 • 127.4 114.3 88.9 124.4 1 118.2 133.4 128.6 150.7 111.6 108.4 1129.8 113.5 106.2 147.1 1127.i 136.2 128.2 131.5 114.5 101.5 1131.5 109.3 92.3 127.8 ' 123.2

1 Figures revised. TREND OP DEPARTMENT STORE STOCKS. [Average monthly stocks, 1919-100.)

District District District District District District District District District Index for No. 1— No.2— No. 3— No. 5— No. 6— No. 7— No. 9— No. 11— No. 12— United Boston New York Philadel- Richmond Atlanta Chicago Minne- Dallas San States phia apolis (19 stores). Francisco (24 stores). (64 stores). (13 stores). (19 stores). (22 stores). (59 stores). (16 stores). (29 stores). (265stores)

1922. April 112.2 121.9 113.9 110.6 116.4 124.6 98.7 113.8 122.2 117.6 May 110.9 116.8 110.1 107.0 111.7 122.8 102.5 110.1 114.4 114.1 Juno , 106.2 110.3 109.8 103.7 104.9 115.7 99.2 100.4 107.0 108.3 July 103.7 104.8 105.6 99.8 103.2 113.6 97.8 99.6 108.1 105. e August 105.0 109.5 111.9 105.0 109.3 125.0 102.0 111.0 112.1 111.8 September 116.9 120.6 121.6 119.5 118.5 128.9 107.7 117.7 118.0 120.5 October 125.1 125.1 127.5 130.3 121.3 134.8 112.6 119.6 120.0 125.7 November 130.0 132.1 126.7 126.0 123.1 136.8 115.5 118.9 124.2 128.6 110.5 111.1 105.9 103.2 101.2 115.2 97.2 94.1 107.6 107.7 1923. 104.0 106.8 102.2 99.6 105.2 '112.2 100.0 97.0 107.4 •105.5 111 5 111.5 116.5 113.0 111.9 U27.2 107.2 106.8 117.7 1115.3 March 119.9 122.9 127.5 124.3 118.9 • 138.7 117.1 115.4 124.6 •125.3 April 125.2 127.3 132.1 125.8 121.4 '140.5 117.3 118.9 131.8 '128.9 May 124.1 125.0- 127.7 121.7 120.8 • 136.0 115.8 117.2 126.7 ' 125.9 116.4 116.1 123.1 114.8 113.4 1 128.0 103.9 109.9 120.6 • 118.1

1 Figures revised.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 954 FEDERAL RESERVE BULLETIN. AUGUST, 1923. BANKING AND FINANCIAL STATISTICS. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. VOLUME OF OPERATIONS DURING JUNE, 1923.

United States securities purchased. Total. Bills discounted Bills bought in Municipal Federal reserve bank. for member open market. warrants banks. Bonds and Certificates of purchased. notes. indebtedness. June, 1923. June, 1922.

Boston $263,488,352 $26,146,012 $1,810,120 $7,935,180 $299,379,664 $163,808,886 New York 1.113,221,550. 93,120,776 56,389,000 116,206,000 1,378,937,326 971,945,414 Philadelphia... 301,009,389 11,644,718 388,400 212,500 313,255,007 221,492,806 Cleveland 266,359,424 7,324,174 1,215,600 22,483,000 297,382,198 163,138,032 Richmond 317,253,096 927,934 10,000,000 328,181,030 72,184,828 Atlanta 51,101,752 1,556,637 388,850 225,000 $10,000 53,282,239 28,776,189 Chicago 214,158,216 25,786,215 11,464,800 51,868,500 303,277,731 182,777,781 St. Louis 206,688,445 3,504,246 1,800 4,651,500 214,845,991 126,243,381 Minneapolis 34,483,576 2,512,100 934,500 37,930,176 29,459,179 Kansas City... 91,863,988 2,902,000 1,055,000 95,820,988 32,619,518 Dallas 26,714,021 2,180,849 3,210,000 32,104,870 20,811,395 San Francisco. 211,790,417 11,541,002 2,660,000 225,991,419 121,917,633 Total: June, 1923 3,098,132,226 183,732,563 77,072,670 221,441,180 10,000 3,580,388,639 June, 1922 1,159,318,716 175,494,026 146,89S,300 653,464,000 2,135,175,042 6 months ending- June 30,1923 20,853,221,847 1,158,307,763 394,404,870 2,244,903,660 106,164 24,650,944,304 June 30,1922 9,760,140,334 809,108,076 675,509,100 1,735,258,500 111,029 12,980,127,039

VOLUME OF BILLS DISCOUNTED DURING JUNE, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANES ACCOMMODATED.

Customers' . Member banks' Bankers' acceptances. paper collateral notes. secured Commercial Agri- Live-stock Federal reserve bank. cultural by Govern- Secured by Otherwise paper, n. e. s. paper. paper. ment ob- Government Foreign. Domestic. Dollar ligations. obligations. secured. exchange.

Boston $996,689 $87,071,250 $174,852,320 $302,665 $59,404 New York 425,789 970,146,600 141,231,226 487,449 22,435 Philadelphia 183,000 188,568,850 111,849,420 334,427 Cleveland 358,690 195,828,000 $28,000 69,271,531 66,586 57,337 Richmond 404,224 279,001,484 14,000 34,146,016 2,690,891 3,949 Atlanta 19,105 14,437,500 114,800 33,267,613 2,946,027 127,478 Chieago 243,982 153,094,525 391,129 54,980,615 5,103,926 St. Louis 351,793 164,092,800 39,614,102 2,362,304 189,624 Minneapolis 824 24,975,500 672,471 4,811,595 2,755,934 1,262,750 Kansas City 165,754 74,421,880 75,000 8,162,948 1,693,323 7,295,083 Dallas 45,438 10,020,700 490,000 8,787,013 4,617,062 2,711,017 San Francisco 118,223 158,696,250 12,563,272 35,915,436 3,106,009 642,076 Total: June, 1923.... 3,313,511 2,320,355,339 14,348,672 716,889,835 26,466,603 12,371,153 May, 1923.... 2,850,421 2,854,410,679 14,677,226 618,105,226 27,206,921 11,822,883 June, 1922 4,466,532 793,426,941 26,080,057 290,071,468 32,125,821 9,784,903 $89,974 $25,000 May, 1922.... 3,946,347 732,313,832 26,707,038 301,251,671 35,599,567 10,398,643 44,987 112,520

Total reduced to a common Trade acceptances. maturity basis.1 Member banks. Total, all Federal reserve bank. classes. Per cent of Number in Accommodated. Foreign. Domestic. Amount. total. district June 30. Number. Per cent.

Boston $206,024 $263,488,352 $221,947,750 7.2 427 244 57.1 New York $193,000 715,051 1,113,221,550 661,039,445 21.3 827 403 48.7 Philadelphia... 73,692 301,009,389 232,532,051 7.5 720 337 46.8 Cleveland 749,280 266,359,424 200,058,262 6.5 885 288 32.5 Richmond 992,532 317,253,096 199,171,165 6.4 635 327 51.5 Atlanta 189,229 51,101,752 157,582,412 5.1 538 272 50.6 Chicago 344,039 214,158,216 461,841,427 14.9 1,440 521 36.2 St. Louis 77,822 206,688,445 237,142,164 7.7 624 230 36.9 Minneapolis... 4,502 34,483,576 107,289,794 3.5 1,006 314 31.2 Kansas City... 50,000 91,863,988 199,442,637 6.4 1,154 349 30.2 Dallas 42,791 26,714,021 130,560,188 4.2 863 413 47.9 San Francisco. 749,151 211,790,417 289,524,931 9.3 814 311 38.2 Total: June, 1923... 193,000 4,194,113 3,098,132,226 3,098,132,226 100.0 9,933 4,009 40.4 May, 1923.... 301,000 3,137,923 3,532,512,279 9,927 3,942 39.7 June, 1922... 3,248,019 1,159,318,715 9,928 4,436 44.7 May, 1922.... 3,556,680 1,113,931,285 9,909 4,636

i Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (11.17) forsystem.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL RESERVE BULLETIN, 955

VOLUME OF BILLS DISCOUNTED DURING JUNE, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES.

Average rate Average Federal reserve bank. 4 per cent. 4£ per cent. 5 per cent. Total. (365-day basis). maturity.

Per cent. Days. Boston $263,488,352 $263,488,352 4.50 9.41 New York. . 1,113,221 550 1 113 221 550 4.50 6.63 Philadelphia 301,009,389 301,009,389 4.50 8.63 Cleveland 266,359,424 266,359,424 4.50 8.39 Richmond . .... 317,253,096 317,253 096 4.50 7.01 Atlanta 51,101,752 51,101,752 4.50 34.45 Chicago 214 158,216 214,158,216 4.50 24.09 St. Louis 206,688,445 206,688,445 4.50 12.82 Minneapolis ... 34 483 576 34,483,576 4.50 34.76 Kansas City 91,863,988 91,863,988 4.50 24.26 Dallas 26,714,021 26,714,021 4.50 54,60 San Francisco 211,790,417 211,790,417 4.50 15.27 Total: June, 1923 3,098,132,226 3,098,132,226 4.50 11.17 May, 1923 3,532,512,279 3,532,512,279 4.50 9.45 June, 1922.. . . $240,708,000 866,104,000 $52,506,000 1,159,318,000 4.54 15.61 May, 1922 1,058,471,000 55,459,000 1,113,930,000 4.59 17.44

VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JUNE, 1923, BY CLASSES.

Total reduced to a Bankers' acceptances. Trade acceptances. common maturity 1 Total bills basis. Federal reserve bank. purchased. Foreign. Dollar Foreign. Per cent Domestic. exchange. Total. Domestic. Total. Amount. of total.

Boston . $16,348,801 $8,972,211 $825,000 $26,146,012 $26,146,012 $19,092,303 10.4 New York 74,644,767 15,444,707 2,195,873 92,285,347 $835,429 $835,429 93,120,776 54,331,033 29.6 Philadelphia 9,448,909 1,936,983 220,000 11,605,892 38,826 38,826 11,644,718 24,024,310 13.1 Cleveland 6,274,223 971,335 78,616 7,324,174 7,324,174 15,744,715 8.6 Richmond 152,934 775,000 927,934 927,934 1,608,225 .8 1,154,092 402,545 1,556,637 1,556,637 1,715,535 .9 Chicago 19,690,426 5,035,344 1,060,445 25,786,215 25,786,215 50,514,309 27.5 2,368,024 886,222 250,000 3,504,246 3,504,246 4,347,584 2.4 Minneapolis Dallas 1,596,880 683,969 2,180,849 2,180,849 2,796,837 1.5 San Francisco 6,729,781 4,471,221 340,000 11,541,002 11,541,002 9,557,712 5.2 Total: June, 1923. 138,408,837 39,479,537 4,969,934 182,858,308 874,255 874,255 183,732,563 183,732,563 100.0 May, 1923.. 122,366,493 53,554,838 9,153,545 185,074,876 1,289,184 1,289,184 186,364,060 June, 1922. 131,907,995 37,834,233 4.941.784 174,684,012 810,014 810,014 175,494,026 May, 1922.. 114,746,968 32,239,091 I 3,620,502 150,606,561 150,606,561

1 Total purchases multiplied by ratio of average maturity ot bills purchased by each bank to average maturity (36.07) tor system. VOLUME OP ACCEPTANCES PURCHASED DURING JUNE, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES.

Aver- age Aver- 31 per 4 per cent. 4J per cent. 41 per 4|per 4Jper 4J per 4Jper rate age Federal reserve bauk. cent. cent. cent. cent. cent. cent. Total. (365- ma- day turity. basis).

Per cent. Days. Boston. $1,841,017 $20,802,900 $2,916,268 $496,826 $85,201 $1,669 $2,131 $26,146,012 4.20 26.33 New York 81,755,636 8,717,835 1,341,333 448,039 848,308 9,625 93,120,776 4.12 21.04 Philadelphia 1,274,796 8,928,823 1,400,537 1,736 38,826 11,644,718 4.20 74.38 1,379,409 3,423,969 2,457,694 48,352 14,750 7,324,174 4.24 77.50 Richmond 927,934 927,934 4.31 62.48 Atlanta $96,131 701,495 496,752 262,259 1,556,637 4.22 39.73 3,026,717 18,092,358 4,394,001 48,139 225,000 25,786,215 4.21 70.63 1,759,423 1,744,823 3,504,246 4.15 44.73 Kansas City Dallas 505,954 1,544,221 130,674 2,i80,849 4.17 47.66 2,544,681 2,814,801 6,162,432 19,088 11,541,002 4.21 29.86 Total: June, 1923... 96,131 94,789,128 66,566,482 19,730,873 1,062,180 1,474,344 11,294 2,131 183,732,563 4.18 36.07 May, 1923... 130,576,585 32,915,760 18,249,966 2,068,194 2,203,554 250,001 1186,364,060 4.16 33.02

1 Includes $100,000 of acceptances purchased at 4^ per cent. NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 956 FEDEBAX. RESERVE BULLETIN. AUGUST, 1923.

HOLDINGS OF EARNING ASSETS, BY CLASSES.

AVERAGE DAILY HOLDINGS OP EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATE OF EARNINGS DURING JUNE, 1923.

Average daily holdings of— Earnings on— Annual rate of earnings on—

AH Federal reserve bank. All classes All classes United classes Dis- I United United Dis- Pur- Pur- of Discounted Purchased States of counted chased States of count- earning bills. bills. securities. earning bills. bills. secur- earn- ed secur- assets. assets. ities. ing* bills. bills. ities. assets.

Per Per Per [ Per cent. cent. cent. cent. Boston $73,778,501 $50,626,487 $18,657,628 $4,494,386 $267,072 $187,357 $63,656 $16,059 4.40 4.50 4.15 4.35 New York 240,186,703 163,892,385 57,110,335 19,183,983 865,243 606,125 192,558 66,560 4.38 4.50 4.10 4.22 Philadelphia... 110,230,472 70,473,255 19,852,116 19,849,620 398,348 260,656 67,680 69 806 4.40 4.50 4.151 4.28 Cleveland 105,476,869 57,296,852 32,144,864 16,035,153 375,508 211,905 110,375 53,228 4.33 4.50 4.18! 4.04 Richmond 69,091,167 65,345,280 1,938,320 1,807,567 251,591 241,248 6,823 3,520 4.43 4 50 4 29i 2.37 Atlanta 51,027,666 34,248,865 16,479,469 298,665 183,615 126,674 55,827 1,112 4.38 4.50 4.12: 4.53 Chicago 143,884,084 88,210,080 34,459,970 21,214,034 506,735 326,266 116,798 63,671 4.28 4.50 4.12! 3.65 St. Louis 61,784,104] 42,346,380 8,612,468, 10,825,256 225,774 156,596 29,063 40,115 4.45 4.50 4.11; 4.51 Minneapolis... 40,426,778 26,993,284 13,433,494 147,136 99,851 47,285 4.43 4.50 4.28 Kansas City... 73,328,464 47,203,862 115,228 26,009,374 252,925 174,659 432 77,834 4.20 4.50 456! 3.64 Dallas 47,548,498 31,902,329 12,069,669 3,576,500 168,997 118,003 41,196 9,798 4.32 4.50| 4.15! 3.33 San Francisco. 108,237,154 65,873,098 23,958,644 18,405,412 388,807 243,379 82,203 63,225 4.37 4.50! 4.17! 4 18 Total: June, 1923. 1,125,000,460 744,412,157 225,398,711 155,133,444 4,031,751 2,752,719 766,611 512,213 4.36 4.50i 4.14| 4.02 May, 1923. 1,173,765,687 708,965,404 271,262,406 193,488,416 4,340,840 2,708,392 946,426 685,833 4.35 4.50! 4.1l! 417 June, 1922. 1,166,616,5031 438,788,415 135, ISO,853 592,647 235 3, 817,476 1,662,364 365,268 1,789,844 3.98 4.61 3.29| 3.67 May, 1922. 1 188 849,317.! 481,627,272 103,073,301 604,148,744 4,119,881 1,912,902 306,461 1,900,518 4.08 468 3.50! 3.70

NOTE.—The figures in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings, and annual rate of earnings thereon, as follows: Philadelphia, $55,481, $206, and 4.62 per cent; Atlanta, $667, $2, and 4.50 per cent; Total $56,148, $208, and 4.51 per cent.

HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of June figures. In thousands of dollars.]

Cus- Member banks' Bankers' acceptances. Trade acceptances. tomers' collateral notes. paper secured Com- Agri- mercial cul- Live- Federal reserve bank. Total. by Gov- Secured stock Foreign. Foreign. ern- Other- paper tural paper. Dol- by Gov- n. e. s. paper. Do- Do- ment ernment wise lar obliga- se- mes- ex- mes- tions. obliga- Im- Ex- tic. change Im- Ex- tic. tions. cured. ports. ports. ports. ports.

63,752 1,303 23,708 37,891 584 74 192 New York 192,598 347 143,526 47,439 720 566 Philadelphia 80,762 309 49,528 30,096 710 119 76,748 608 45,651 28 28,457 526 384 1,094 70,126 514 29,889 14 32,278 6,581 54 796 36,816 59 3,741 37 23,047 8,891 853 188 80,968 246 34,547 275 33,770 11,463 667 St. Louis 46,479 197 18,496 22,244 4,988 462 92 31,426 8 9,517 '""39i" 8,779 8,538 3,979 214 51,880 188 2J,710 75 11,827 4,428 13,602 50 Dallas 33,931 29 2,406 245 9,188 13,743 8,126 194 71,463 192 20,637 6,328 32,292 9,232 2,249 533 Total: June 30,1923 836,949 4,000 403,356 7,393 317,308 70,404 29,783 4,705 May 31,1923 770,734 3,338 403,486 7,274 263,372 61,633 27,786 7 25 9 171 3,633 June 30,1922 461,418 3,983 163,258 12,590 147,123 95,782 34,844 81 3,757 May 31,1922 471,490 5,009 166,097 12,228 150,224 98,620 33,974 103 5,235

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL RESERVE BULLETIN. 957

HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OP ACCEPTING INSTITUTIONS. [End of June figures. In thousands of dollars.]

Member banks. Nonmember Branches and banks and Private agencies of Federal reserve bank. Total. banking banks. foreign National. Nonnational. corporations. banks.

Boston 19,467 10,478 4,462 2,913 1,609 5 New York 42,812 14,059 11,397 6,863 5,649 4,844 Philadelphia.. 19,501 6,138 6,089 3,605 3,001 668 Cleveland 26,743 6,063 7,664 4,678 6,757 1,581 Richmond 2,178 1,603 ' 575 Atlanta 9,160 3,334 2,785 1,449 1,305 287 Chicago 44,196 18,904 20,526 4,131 379 256 St. Louis 6,608 2,483 2,331 833 238 723 Minneapolis... Kansas City Dallas 12,355 5,253 3,896 1,340 1,231 635 San Francisco. 22,019 6,253 2,805 2,752 1,389 Total: June 30,1923 205,065 75,558 65,403 30,220 23,496 10,388 May 31,1923 257,532 98,769 83,425 32,643 28,855 13,840 June 30,1922 160,413 72,482 54,650 16,960 8,191 8,130 May 31,1922 118,204 53,780 37,750 14,683 6,117 5,874 Purchased in open market: June30,1923 205,065 75,558 65,400 30,223 23,496 10,388 May 31,1923 257,491 98,762 83,391 32,643 28,855 13,840 June 30,1922 160,332 72,444 54,607 16,960 8,191 8,130 May 31,1922 118,101 53,768 37,659 14,683 6,117 5,874 Discounted for member banks: June 30, 1923 May 31, 1923 41 June30,1922 81 May 31, 1922 103

HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of June figures. In thousands of dollars.]

All classes. Bankers' acceptances. Trade acceptances.

Dis- Foreign. Foreign. Federal reserve bank. Pur- counted chased for Do- Dollar Do- Total. in open mem- Total. mestic ex- Total. mestic. market. ber Im- Ex- change. Im- Ex- banks. ports. ports. ports. ports.

Boston 19,659 19,467 192 19,467 10,643 2,362 5,837 625 192 192 New York 43,874 43,308 566 42,812 24,295 10,395 7,319 803 1,062 496 566 Philadelphia 19,659 19,540 119 19,501 10,961 4,340 3,030 1,170 158 39 119 Cleveland 27,837 26,743 1,094 26,743 19,774 3,869 2,642 458 1,094 1,094 2,974 2,178 796 2,178 198 1,980 796 796 Atlanta 9,348 9,160 188 9,160 4,884 2,953 1,198 125 188 188 Chicago... 44,863 44,196 667 44,196 22,333 10,816 7,185 3,862 667 667 St. Louis . 6,700 6,608 92 6,608 1,648 2,811 1,889 260 92 92 214 214 214 214 76 26 50 26 26 50 50 Dallas. 12,549 12,355 194 12,355 5,569 5,222 1,464 100 194 194 San Francisco 22,552 22,019 533 22,019 13,799 3,219 4,571 430 533 533 Total: June 30,1923 210,305 205,065 113,906 46,211 37,115 7,833 5,240 535 4,705 May 31,1923 262,525 ..., 257,532 142,261 55,340 48,374 11,557 4,993 1,360 3,633 124 142 164,950 160,413 31,736 4,535 4,537 7SO 3,757 June 30,1922 88 004 SI May 31,1922 123,520 118,204 26,599 3,601 5,316 5,235 Purchased in open market: 205,065 113,906 46,211 37,115 7,833 535 535 June 30,1923 205,600 142,254 55,315 May31,1923 258,680 257,491 48,365 11,557 1,189 1,189 June 30,1922 161,112 160,332 124,142 31,655 4,535 780 780 May 31,1922 118,182 118,101 88.004 26,496 3,601 81 81 Discounted for member banks: 1 June 30 1923 4,705 4,705 4,705 May 31,1923 3,845 41 7 25 9 3,804 171 3,633 June 30 1922 3,838 81 81 3,757 3,757 May 31,1922 5,338 103 103 5,235 5,235

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 958 FEDERAL R.ESEEVE BULLETIN. AUGUST, 1923.

CONDITION OF FEDERAL RESERVE BANKS.

CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR JULY AND JUNE, 1923. [Daily averages. Amounts in thousands of dollars.]

Federal reserve notes in Total cash reserves. Total deposits. circulation. Reserve percentages. Federal reserve bank. July. June. July. June. July. " June. July. June.

Boston 276,613 274,667 128,514 128,556 218,914 214,380 i 79.6 80.1 New York 1,015,273 1,080,518 711,152 718,542 523,710 556,802 ' 82.2 84.7 Philadelphia.. 236,469 230,057 116,345 115,009 209,042 206,394 72.7 71.6 Cleveland 315,142 306,718 163,894 162.396 234,442 231,489 79.1 77. S Richmond 77,716 76,304 62,202 60,402 78,699 78,236 55.2 55.0 Atlanta 144,282 140,366 55,503 56,471 134,673 133,951 75.9 73.1 Chicago 563,128 558,685 281,332 284,525 408,069 403,029 81.7 81.5 St. Louis 95,083 94,529 72,218 72,893 73,572 74,457 65.2 64.2 Minneapolis... 68,711 70,423 48,154 48,694 56,060 54,546 65.9 68.2 Kansas City... 90,162 76,139 83,167 83,018 60,971 60,160 62.6 53.2 Dallas 35,475 36,548 47,036 48,923 30, 782 27,772 45.6 47.7 San Francisco. 263,166 259,349 150,262 151,783 213,209 205,319 72.4 72.6 Total: 1923. 3,181,220 3,204,303 1,919,779 1,931,212 2,242,143 2,246,535 76.4 76.7 1922. 3,158,276 3,136,308 1,882,118 1,892,591 2,157,405 2,138,430 78.2 77. S 1921. 2,655,179 2,605,779 1,696,481 1,723,271 2,604,750 2,682,560 61.7 59.1 1920. 2,118,899 2,102,985 1,909, 221 1,974,537 3,143,465 3,113,949 143.7 143.3 1919. 2,176,779 2,248,265 1,959,758 1,940,647 2,523,960 2,500,969 150.4 152.6

i Calculated on basis of net deposits and Federal reserve notes in circulation.

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, JULY 3, AND ON WEDNESDAYS, JULY 11 TO JULY 25, 1923. RESOURCES, lln thousands of dollars.]

Phila- Kansas San Boston. Cleve- Rich- Atlanta. Chicago. St. Minne- Dallas. Fran- delphia. land. mond. Louis. apolis. City. cisco.

Goldand gold certifi- cates: July3 326,442 17,355 156,855 26,230 15,023 9,449 6,176 47,278 4,111 8,167 3,263 11,503 21,032 July 11 340,492 17,138 166,649 26,340! 14,311 9,769 6,244 51,415 4,174 8,203 3,257 11,808 21,184 July 18 341,804 16,899 168,048 26,836! 14,469 9,944 6,315 50,633 3,818 8,241 3,260 11,996 21,345 July 25 332,289 17,031 156,501 27,420| 14,172 10,246 6,384 51,266 4,212 8,275 3,286 12,079 21,417 Gold settlement fund—F. R. Board: July3 661,593 60,980 202,643 20,976 72,362 30,204 24,577 125,089 22,281 20,851 42,826 6,261 32,543 July 11 658,617 58,405 188.596 20,057 81,296 29,628 27,311 122,383 22,383 18,643 47,044 4,089 38,782 July 18 653,784 69,688 189,670 22,984 82,289 25,479 19,219 113,405 19,810 20,343 49,930 5,543 35,424 July 25 662,477 56,349 179,206 26,395 99,623 30,258 18,690 110,245 22,675 23,300 54,337 5,682 35,717 Gold with F. R. agents: July3 2,040,992 177,141 637,184 169,280 208,159 27,761 102,523 382,829 48,564 37,045 28,570 12,563 209,373 July 11 2,047,787 184,999 637,067 177,039: 207,152 31,583 101,644 382,726 52,434 36,600 27,840 12,232 196,471 July 18 2,052,131 182,927 636,906 171,965 204,791 30,435 111,051 382,649 51,708 36,130 29,463! 12,330 201,776 July 25 2,058,246 190,282 636,805 170,183' 208,266 28,816 109,798 382,518 50,969 35,637 33,581 12,294 199,097 Gold redemption fund: July3 58,676 15,603 8,852 7,203 1,749 5,915 2,406 2,197 3,599 1,640 4,456 1,130 3,926 July 11 53,483 7,183 8,169 4,407 6,080 2,582 6,206 4,218 1,810 4,671 1,090 3,687 July 18 52,001 8,.— 7,270 5,380j 4^393 5,919 2,391 5,190 4,226 1,913 2,563 1,045 3,113 July 25 60,539 10,689 11,258 8,510 2,624 6,326 2,1— 4,069! 4,391 2,055 2,873 1,399 3,456 Total gold reserves: July3 3,087,703 271,079 1,005,534 223,689 297,293 73,329 135,682 557,3931 78,555 67,703 79,115 31,457 266,874 July 11 3,100,379 267,725 1,000,481 227,843 306,139 77,060 137,781 562,730: 83,209 65,256 82,812 29,219 260,124 July 18 3,099,720 278,112 1,001,894 227,165 305,942 71,777 138,976 551,877i 79,562 66,627 85,216 30,914 261,658 July 25 3,113,551 274,351 983,770 232,508 324,685 75,646 137,761 548,098: 82,247 69,267 94,077 31,454 259,687 Reserves other than gold: July3 79,200 3,063 25,733 6,486 3,613 2,639 5,282 8.428! 13,085 404 3,061 4,612 2,794 July 11 76,769 4,262 24,609 7,051 4,494 2,555 4,635 6,265! 12,777 574 2,673 4,432 2,442 July 18 83,702 5,145 25,765 7,809 4,793 2,564 5,015 8,056 13,660 781 3,015 4,801 2,298 July25 86,454 5,545 27,428 7,955 4,775 2,588 5,001 8,264 13,773 780 3,354 4,924 2,067 Total reserves: July3 3,166,903 274,142 1,031,267 230,175 300,906 75,968 140,964 565, 821; 91, 68,107 82,176 36,069 July 11 3,177,148 271,987 1,025,090 234,894 310,633 79,615 142,416 568,995! 95,986| 65,830 85,485! 33,651 262,566 July 18 3,183,422 283,257j 1,027,659 234,974 310,735 74,341 143,991 559,933 93,222 67,408 88,231 35,715 263,956 July 25 3,200,005 279,896; 1,011,198' 240,463 329,460 78,234 142,762 556,3621 70,047 97,431 36,378 261,754

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis ADGOST, 1923. FEDERAL, RESERVE BULUETIN. 959

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, JULY 3, AND ON WEDNESDAYS, JULY 11 TO JULY 25, 1923—Continued. RESOURCES—Continued. Fin thousands of dollars.]

Minne- San Total. Boston. New Phila- Cleve- Rich- Atlanta. Chicago. St. Kansas Dallas. Fran- York. delphia. land. mond. Louis. apolis. City. cisco.

Nonreserve cash: July3 59,589 11,769 6,814 4,883 3,473 1,396 5,110 7,462 4,924 1,525 3,076 3,036 6,121 July 11 81,168 17,382 11,049 •5,464 3,957 1,805 6,587 8,064 6,221 2,512 4,127 3,841 10,159 July 18 81,261 16,249 10,085 4,773 5,693 1,977 6,324 10,001 6,346 2,432 4,592 3,247 9,542 July 25 74,025 15,016 8,727 3,890 2,674 1,835 6,752 7,— 6,627 2,972 4,746 3,738 9,222 Bills discounted: Secured by U.S. Government obligations— July3 477,053 21,264 197,137 50,636 49,567 26,083 6,925 43,896 21,573 7,260 23,601 2,650 26,461 July 11 419,930 21,507 161,777 44,823 46,563 27,613 6,403 31,902 18,498 7,283 19,917 4,201 29,443 July 18 408,359 19,888 149,662 46,726 37,874 30,045 5,786 36,296 17,910 6,835! 19,908 5,491 31,938 July 25 364,413 18,449 126,417 43,604 33,025 29,795 7,118 31,254 16,390 6,791; 13,100 6,158 32,312 Other bills dis- counted— July3 452,786 33,943| 62,586 27,332 36,968 39,593 37,190 47,127 34,206 22,285 29,804 31,285 50,467 July 11 426,439 31,000j 57,866 22,449 31,232 36, 505 31,715 50,348 24,882 22,446 29,740 33,621 54,635 July 18 397,470 23,720 36,159 20,653 31,919 36,967 31,817 49,817 28,327 22,343; 30,770 35,326 49,652 July 25 396,126 26,873! 41,152 18,843 21,835 37,803 33,670 46,149 29,683 22,154! 30,968 37,432 49,564 Bills bought in open market: July3 198,912 19,166j 40,101 19,310 25,103 2,253 8,144 44,144 5,979 12,071 22,615 July 11 186,284 19,543! 42,345 19,880 22,477 1,932 6,800 39,141 4,446 10,867 18,827 July 18 183,121 16,773! 46,456 20,585 21,853 1,937 4,462 43,161 3,446 7,781 16,641 July 25 176,864 16,512! 39,671 20,313 26,643 l r~ 4,640 45,575 3,111 26 2,627 15,865 U. S. bonds and notes: July3 89,744 3,643; 4,706 17,367 9,953 1,341 219 7,079 7,251 13,377 13,843 1,779 9,186 July 11 94,211 4,0551 8,318 17,367 9,953 1,341 216 7,537 7,251' 13,365 13,843 1,780 9,185 July 18 92,015 4,539! 9,071 17,367 9,953 1,341 246 8,972 7,251 10,950 11,360 1,780 9,185 July 25 85,016 3,570; 4,656 17,367 9,953 1,341 193 7,194 7,251, 11,081 11,445 1,780 9,185 V. S. certificates of indebtedness: July3 4,957 189 121 449 1 4,138 July 11 ! 7,027 385 1,655 449 16 4,441 20 July 18 5,940 1,889 249 31 3,496 35 July 25 11,268 321! 7,579 249 1 2,834 223 Municipal warrants: July3 25 10 July 11 25 10 July 18 10 10 July 25 10 10 Total earning assets: July3 1,223,477 78,205i 304,651 114,674 122,040 69,270 52,489 146,384 69,009 42,922! 67,319 47,785 108,729 July 11 1,133,916 76,490| 271,961 104,548 110,674 67,391 45,160 133,369 55,077 43,114 63,573 50,469 112,090 July 18 1 086,915 65,054' 243,237 105,345 101,848 70,290 42,352 141,742 56,934 40,163 62,156 50,378 107,416 July 25 65,7251 219,475 100,141 91,705 70,820 45,632 133,006 56,435 40,249 55,586 47,997 106,926 Bank premises: July3 52,330 4.434 12,422 719 2,617 2,607 8,715 1,000 1,471 4,955 1/ 2,585 July 11 52,657 4,434 12,424 719 8,936 2,617 2,620 8,715 1,000 1,5981 4 965 1,946 2,683 July 18 53,203 4,434 12.715 721 9,101 2,617 2,647 8,715 1,031 1,624! 4,965 1,946 2,687 July 25 53,309 4,434 12.716 721 9,110 2,617 2,674 8,715 1,039 1,624 4,965 1,947 2,747 5 per cent redemp- tion fund against I F. R. bank notes: July3 193 65 100 July 11 193 65 100 28 July 18 193 65 100 28 July 25 193! 65 100 28 Uncollected items: 649,037 64,835 153,411 57,193 21,585 32,216 15,061; 39,354 20,689 39,227 July3 68,696 49,879 : July 11 655,976 59,881 142,746 60,801 70,279 53,445 23,980 84,767 35,893 16,242 40,369 22,009 45,564 July 18 ; 674,936 63,327 150,256 62,415 72,933 58,141 24,394 90,164 36,040 18,204! 37,730 20,758 40,574 July 25 i 578,566 50,893 126,908 52,044 62,952 50,114 21,078 78,655 31,827 14,763, 33,131 19,035 37,168 All other resources: July3 12,932 97 1,431 239 301 465 487 593| 132 1,846! 792 2,637 3,912 July 11 12,857 107 1,326 256 317 445 483 625 140 l,859i 769 2,642 3,888 July 18 13,031 112 1,136 639 324 423 488 625 146 1,834! 773 2,659 3,872 July 25 12,967 112 1,311 262 417 468 482 601 152 1,841! 818 2,649 3,854 Total resources: July3 5,164,461 433,482 1,509,996 407,883 504,275 199,595 223,242 815,931 198,921 130,932i 197,772 112,190 430,242 July 11 5,113,915 430,281 1,464,596 406,682 504,796 205,318 221,246 804,600 194,317 131,155 199,388 114,586 436,950 July 18 5,092,961 432,433 1,445,088 408,867 500,634 207,789 220,196 811,245 193,719 131,665 198,547 114,731 428,047 July 25 4,952,7621 416,076 1,380,333 397,521 496,318 204,088 219,380 785,230 192,100 131,496! 196,777 111,772 421,671

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 960 FEDERAL RESERVE BULLETIN. AUGUST, 1923.

RESOURCES AND UABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, JULY 3, AND ON WEDNESDAYS, JULY 11 TO JULY 25, 1923—Continued. LIABILITIES. [In thousands of dollars.)

New Phila- Cleve- Rich- St. Minne- Kansas San Total. Boston. Atlanta. Dallas. Fran- York. delphia. land. mond. Louis. apolis. City. cisco.

Capital paid in: July3 109,584 8,066 29,250 9,780 12,117 5,718 4,419 15,162; 4,951 3,565 4,1 4,195 7,775 July 11 109,621 8,066 29,265 9,772 12,171 5,709 4,418 15,1571 4,951 3,554 4,586 4,197 7,775 July 18 109,714 8,066 29,265 9,772 12,177 5,710 4,418 15,216 4,951 3,549 4,587 4,195 7,808 July 25 109,629 8,073 29,266 9,772 12,168 5,708 4,416 15,1391 4,948 3,550 4,587 4,202 7,800 Surplus: July3 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 July 11 218,3691 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 July 18 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 July 25 218,369 16,312 18,749 23,495 11,288 8,942 30,398 9,665 7,473 7,496 15,263 Deposits: Government- Julys 14,6571 39 6,772 382 423 789 495 1,147 847 1,212 1,173 Julyll 15,778 628 4,167 149 934 753 931 2,708 1,023 875 1,083 2,029 July 18 34,4321 1,359 7,781 1,837 3,740 1,126 4,599 3,327 2,706 2,084 2,239 July 25 34,784| 858 9,227 2,109 3,924 2,634 965 2,252 3,380 2*, 092 3,148 1,433 2,762 Member bank- reserve ac- count— July3 1,931,762 126,991 730,923 114,092 167,268 60,638 56,143 281,752 74,714 46,811 80,336 46,127 145,967 Julyll 1,909,006 126,336 719,493 116,009 166,692 58,889 54,139 278,474 69,140 45,897 81,243 46,171 146,523 July 18 1,883,644 129,311 697,983 117,981 162,426 58,124 52,950 281,238 66,648 45,911 79,833 44,996 146,243 July 25 1,839,262 125,056 661,780 114,756 165,534 59,697 53,848 269,127 69,748 47,550 82,090 44,293 145,783 Other deposits- July 3 27,832 294 16,220 459 1,57! 247 525 2,328 661 427 779 263 4,050 Julyll 24,938 304 14,026 521 1,409 185 148 1,211 631 728 271 4,654 July 18 24,445 282 14,458 540 1,1™1 216 109 1,468 712 399 223 4,189 July 25 22,521 293 13,307 652 158 143 1,209 782 347 539 199 3,912 Total deposits: July 3 1,974,251 127,324 753,91i 114,940 169,229 61,308 57,457 284,575 76,522 48,085 82,327 47,379 151,190 Julyll 1,949,722 127,268 737,686 116,683 169,035 59,827 55,218 282,393 70,794 47,500 83,172 46,940 153,206 July 18 1,942,521 130,952 720,222 120,358 167,349 59,466 54,745 287,305 70,687 48,258 83,205 47,303 152,671 July 25 1,896,567 126,207 684,314 117,517 170,438 62,489 54,956 272,588 73,910 49,989 85,777 45,925 152,457 Federal reservenotes in actual circula- tion: July 3 2,282,054 221,837 546,814 211,259 234,373 78,916 134,633 413,982 75,073 56,198 60,989 29,996 217,984 Julyll 2,265,149 222,514 526,422 211,184 240,099 79,351 135,149 410,779 73,827 56,965 61,089 30,347 217,423 July 18 2,216,994 217,089 513,330 205,324 232,461 78,124 134,057 404,928 73,244 56,194 61,297 30,702 210,244 July 25 2,194,871 216,489 503,111 203,458 232,169 77,012 133,906 400,976 72,108 55,595 60,678 31,036 208,333 F. R. bank notes in circulation—net liability: July 3 1,518 125 503 Julyll :47ii 857 117 497 July 18 1,296 830 14 462 July 25 1,085 43 Deferred availabil- ity items: July 3 562,198 59,279 117,087 51,965 63,691 41,508 16,902 69,305 31,654 14,418 39,366 20,661 36,362 July 11 552,512 55,447 108,137 49,038 58,549 48,246 16,611 63,250 34,074 14,506 40,043 23,108 41,503 July 18 586,567 59,290 118,869 53,372 63,741 52,278 17,130 70,775 34,153 15,030 39,033 22,580 40,316 July 25 513,767 48,256 100,391 46,690 56,569 46,617 16,209 63,152 30,381 13,667 35,255 20,595 35,985 All other liabilities: July 3 16,487 664 3,130 1,190 1,370 85: 889 1,619 1,056 1,193 1,960 1,668 Julyll 17,071 674 3,286 1,256 1,447 89: 908 1,766 1,006 1,157 2,001 1,780 July 18 17,500 724 3,602 1,292 1,411 923 904 1,793 1,019 1,161 923 2,003 1,745 July 25 17,951 739 3,451 1,335 1,479 974 951 1,892 1,088 1,222 949j 2,038 1,833 Total liabilities: July 3 5,164,461 433,482 1,509,996 407,883 504,275 199,595 223,242 815,931 198,921 130,932 197,772 112,190 430,242 Julyll 5,113,915 430,281 1,464,598 406,682 504,796 205,318 221,246 804,600 194,317 131,155 199,388 114,586 436,950 July 18 5,092,961 432,433 1,445,088 408,867 500,634 207,789 220,196 811,245 193,719 131,665 198,547 114,731 428,047 July 25 4,952; 762 416,076 1,380,333 397,521 496,318 204,088 219,380 785,230 192,100 131,496 196,777 111,772 421,671 MEMORANDA. Ratio of total re- serves to deposit and F. R. note lia- bilities combined —per cent: July 3 74.4 78.5 79.3 70.6 74.6 54.2 73.4 81.0 60.5 65.3 57.3 46.6 73.0 Julyll 75.4 77.8 81.1 71.6 75.9 57. 74.8 82.1 63.0 59.3 43.5 70.8 July 18 76.5 81.4 83.3 72.1 77.7 54.0 76.3 80.9 64.8 64.5 61.1 45.8 72.7 July 25 78.2 81. 85.2 74.9 81.8 56.1 75.6 82.6 65.8 66.3 66.5 47.3 72.6 Contingent liability on bills purchased for foreign corre- spondents: July 3 33,613 11,627 2,892 3,631 1,748 M79 4,674 1,479 1,143 1,446 1,207 2,387 Julyll 33,618 11,632 2,892 3,631 1,748 1,379 4,674 1,479 1 143 1,446 1,207 2,387 July 18 35,845 11,886 3,151 3,957 1,905 1,502 5,093 1,612 1,246 1,576 1,316 2,601 July 25 34,944 10,982 3,151 3,957 1,905 1,502 5,093 1,612 1,246 1,576 1,319 2,601

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL, RESERVE BULLETIN. 961

MATURITY DISTRIBUTION OP BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANES COMBINED. [In thousands of dollars.]

From 91 Total. Within 16 to 30 31 to 60 61 to 90 days to 6 Over 6 15 days. days. days. days. months. months.

Bills discounted: July 3 929,839 653,563 61,230 90,413 79,730 44,726 177 July 11 846,369 573,106 58,745 88,778 80,870 44 744 126 July 18 805,829 529,156 59,201 90,400 85,548 41,392 132 July 25 760,539 484,677 58,725 91,938 85,073 39,997 129 Bills bought in open market: July 3 198,912 76,892 39,764 46,705 31,429 4,122 July 11 186,284 69,756 32,907 44,257 34,043 5,321 July 18 183,121 62,631 29,127 33,624 54,868 2,871 July 25 176,864 53,114 27,600 38,337 55,535 2,278 United States certificates of indebtedness: July 3 4,957 310 544 1,167 July 11 7,027 2,040 1,711 2,044 1,232 July 18 5,940 2,023 27 2,400 769 721 July 25 11,268 7,900 1,376 16 1,691 285 Municipal warrants: July 3 25 15 10 July 11 25 15 10 July 18 10 10 July 25 10 10

FEDERAL RESERVE NOTES.

FEDERAL RESERVE AGENTS' ACCOUNTS ON TUESDAY, JULY 3, AND ON WEDNESDAYS, JULY 11 TO JULY 25, 1923. [In thousands of dollars.]

Phila- San Total. Boston. New del- Cleve- Eich- At- Chi- St. Minne- Kansas Dallas. Fran- York. phia. land. mond. lanta. cago. Louis. apolis. City. cisco.

Net amount of F. E. notes re- ceived from Comptroller of the Currency: July 3 3,522,084 321,828 1,064,980 287,888 287,667 111, 880 218,543 575,963 117,008 69,217 100,527 50,326 316,257 July 11 3,546,438 331,686 1,063,283 297,646 289,359 113,163 217,663 573,561 116,399 69,331 100,497 55,995 317,855 July 18 3,565,041 335,614 1,065,141 295,572 290,399 112,014 217,070 576,184 116,153 73,420 100,520 55,594 327,360 July 25 3,549,198 332,970 1,061,952 294,691 290,374 110,395 215,818 575,081 115,413 52,929 99,837 55,057 324,681 F. B. notes on hand: July 3 834,512 85,650 313,260 39,200 31,720 25,530 80,140 117,500 25,440 9,740 31,963 17,369 57,000 July 11 852,692 92,450 313,260 49,800 30,720 26,050 77,350 114,700 25,240 7,900 30,763 22,359 62,100 July 18 863,132 93,850 313,260 48,200 29,620 26,050 76,730 115,500 25,040 11,860 29,913 21,809 71,300 July 25 869,072 90,650 313,260 54,400 33,120 25,210 75,990 117,900 25,040 11,720 29,913 20,569 71,300 F. R. notes outstanding: July 3 2,687,572 236,178 751,720 248,688 255,947 86,350 138,403 458,463 91,568 59,477 68,564 32,957 259,257 July 11 2,693,746 239,236 750,023 247,846 258,639 87,113 140,313 458,861 91,159 61,431 69,734 33,636 255,755 July 18 2,701,909 241,764 751,881 247,372 260,779 85,964 140,340 460,684 91,113 61,560 70,607 33,785 256,060 July 25 2,680,126 212,320 748,692 240,291 257,254 85,185 139,828 457,181 90,373 61,209 69,924 34,488 253,381 Collateral security for F. R. notes outstanding: Gold and gold certificates- July 3 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 Julyll 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 July 18 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 July25 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 Gold redemption fund— July3 118,202 13,841 30,653 16,391 14,354 1,966 5,123 11,185 2,684 1,993 2,210 2,102 15,700 Julyll 111,569 11,699 30,536 14,150 13,347 3,788 4,244 11,081 3,554 1,548 1,480 1,771 14,371 Julyl8 123,612 19,627 30,375 12,076 10,986 2,640 7,651 11,005 2,828 1,078 3,103 1,869 20,374 July25 122,967 16,982 30,274 12,794 14,461 4,021 10,874 1,585 2,221 1,833 18,435 Gold fund—F. R. Board- July 3 1,602,361 128,000 371,000 145,889 185,000 25,795 95,000 371,644 34,000 22,000 26,360 4,000 193,673 Julyll 1,615,789 138,000 371,000 155,889 185,000 27,795 95,000 371,645 37,000 22,000 26,360 4,000 182,100 July 18 1,608,090 128,000 371,000 152,889 185,000 27,795 101,000 371,644 37,000 22,000 26,360 4,000 181,402 July 25 1,614,850 138,000 371,000 150,389 185,000 24,795 101,000 371,644 36,000 21,000 31,360 4,000 180,662 Eligible paper- Amount required- July 3 646,580 59,037 114,536 79,408 47,788 58,589 35,880 75,634 43,004 22,432 39,994 20,394 49,884 Julyll 645,959 54,237 112,956 70,807 51,487 55,530 38,669 76,135 38,725 24,831 41,894 21,404 59,284 July 18 649,778 58,837 114,975 75,407 55,988 55,529 29,289 78,035 39,405 25,430 41,144 21,455 54,284 July25 621,880 52,038 111,887 70,108 56,369 30,030 74,663 39,404 25,572 36,343 22,194 54,284 Excess amount held— July3 433,370 15,336 155,777 2,573 63,519 7,414 16,276 69,473 18,754 6,635 13,436 25,400 48,777 Julyll 350,080 17,813 125,583 7,783 48,255 7,943 6,161 45,254 9,081 4,364 7,786 27,267 42,790 July 18 298,820 1,544 92,684 1,285 34,798 11,525 12,689 51,135 10,278 3,230 9,555 27,073 43,024 July25 268,547 9,796 72,249 1,084 25,600 9,386 15,298 48,306 9,780 2,869 7,744 23,942 42,493

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 962 FEDEBAL RESERVE BULLETIN. AUGUST, 1923.

CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES.

PRINCIPAL RESOURCES AND LIABILrnES OP REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM JUNE 27 TO JULY 18, 1923. ALL KEPOKTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.]

New Phila- Cleve- Rich- At- St. Minne- Kansas San Total. Boston. del- Chicago. Dallas. Fran- York. phia. land. mond. lanta. Louis. apolis. City. cisco.

Number of reporting banks: June 27 774 109 82 106 July3 773 109 106 July 11 773 109 106 66 July 18 772 111 106 Loans and discounts, gross: Secured by U. S. Gov- ernment obligations- June 27 250,827 13,446 83,051 18,843 31,748 10,756 7, 38,681 11,758 7,601 4,047 14,498 July3 257,216 13,476 87,315 19,460 31,378 10,805 7,845 41,627 11,680 8,037 7,363 14,150 July 11 241,413 13,689 82,913 18,757 29,940 10,415 7,666 38,237 11,329 4,421 7,077 4^000 12,969 July 18 238,638 14,127 83,263 18,943 29,011 9,119 7,713 37,197 11,428 4,299 7,217 3,865 12,456 Secured by stocks and bonds- June 27 3,806,394 244, 7151 ,642,400 255,258 407,738 119,810 62,347 584,018 134,547 54,265 79,156 49,024 173,116 July3 3,879,577 255, 7311 ,705,482 255,648 419,218 119,488 63,150 573,231 137,078 54,093 78,317 49,983 168,158 July 11 3,818,321 251, 8701 ,651,806 255,542 405,456 119,764 63,932 582,411 137,001 42,192 78,430 50,578 179,339 July 18 3,745,406 249, 0411 ,585,375 256,787 401,014 119,502 61,990 577,699 137,106 41,834 79,284 50,358 185,416 All other loans and dis- counts- June 27 7,793,196 617,269 2,455,000 354,671 694,942 327,124 3351,093, 1,153,996 303,081 173,544 362,303 195,088 821,085 July3 7,814,660 625,787 2,468,222 358,051 697,479 328,224 3391,220, 1,150,235 297,997 174,237 364,467 192,064 818,677 July 11 7,793,131 628,654 2,472,183 353,713 703,916 326,168 328,2971,147,839 298,618 190,187 363,353 192,546 787,657 July 18 7,778,642 628,196 2,473,467 356,684 698,257 325,592 331,,9211,136,346 302,220 186,463 362,868 195,872 780,756 Total loans and discounts: June 27 11,850,417 875,430 4,180,451 628,7721,134,428 457,690 405, 2401,776,695 419,386 236,407 449,060 248,159 1, July3 11,951,453 894,994 4,261,019 633,1591,143,075 458,517 410, 2151,765,093 446,755 236,367 450,147 246,127 I,000,985 Julyll 11,852,865 894,213 4,,206,902 628,012| 1,139,312 456,347 399, 8951.,768,487 446,948 236,800 448,860 247,124 979,965 July 18 11,762,686 891,364 4,,142,105 632,4141,128,282 454,213 401, 6241,751,242 450,754 232,596 449,369 250,095 978,628 U. S. pre-war bonds: June 27 280,746 12,555 48,260 11,003 48,131 30,335 14,509 24,892 15,336 8,761 11,921 20,711 34,332 July3 280,359 12,547 11,003 48,137 30,335 14,381 24,699 15,345 8,771 11,926 20,611 34,344 Julyll 277,472 12,569 48,409 11,003 48,136 30,335 14,441 24,921 15,335 8,821 11,926 20,161 31,415 Julyl8 277,922 12,541 48,360 11,003 48,147 30,335 14,441 24,766 15,335 8,821 12,015 20,164 31,994 U. S. Liberty bonds: June 27 , 1,039,727 79,098 457,380 44,760 116,497 31,594 14,610 94,489 23,369 13,697 47,471 15,879 100,883 July 3 1,058,329 79,301 471,701 44,754 117,319 31,551 14,477 94,916 23,720 12,591 47,240 15,607 105,152 Julyll 1,063,519 79,612 481,457 44,684 116,627 31,536 14,480 95,731 23,184 12,484 47,732 13 612 102,380 July 18 , 1,059,936 83,058 474,076 44,531 116,459 32,027 14,403 95,437 23,214 12,080 46,567 14,327 103,757 V. S. Treasury bonds: June 27 96,557 5,165 30,902 4,016 6,35! 4,474 1,945 12,482 9,127 1,285 4,562 2,215 14,032 July 3 95,256 5,215 30,826 3,970! 6,364 4,415 1,949 11,879 9,405 1,285 4,920 2,134 12,894 Julyll 95,860 4,883 29,739 3,993! 6,081 4,451 1,790 11,925 9,373 1,285 4,829 1,934 15,577 July 18 93,240 5,059 29,965 3,957 5,573 4,416 1,933 11,940 9,379 1,285 4,393 2,194 13,146 TJ. S. Treasury notes: June 27 973,848 28,442 536,039 58,107 60,656 11,063 7,836 135,996 26,884 27,019 21,793 17,174 42,839 July3 949,174 27,313 524,904 57,699 57,312 10 552 7,394 131,735 25,061 29,278 21,380 16 855 39,691 Julyll 939 529 27,583 515,887 57,742 56,461 12,228 6,389 131,719 24,764 29,089 21,343 16,498 39,826 July 18 928,222 28 999 510,589 56,077 56,589 11,707 6,245 130,198 23,038 28,861 22,145 14,444 39,330 V. S. certificates of indebt- edness: June 27 143,352 14,534 34,900 6,927 9,985 2,815 9,456 21,840 7,661 4,443 6,314 6,935 17,542 July3 127 662 5,698 33,563 7,051 9,000 2,474 9,324 22,125 6,945 2,696 6,099 6,446 16,243 Julyll 116,912 4,701 30,856 6,554 7,427 2,804 8,727 21,633 6,406 2 697 5 431 4,951 14 725 July 18 108,080 3,482 25,557 6,769 7,090 2,345 e,i72 20,651 6,502 2,— 5,547 4,917 16,351 Other bonds, stocks, and securities: June 27 2,158,134 173,956 728,440 185,356 286,447 52,206 39,385 348,113 87,819 29,671 58,919 9,291 158,531 July 3 2,162,371 169,078 729,575 184,513 285,747 51,608 38,943 358,074 88,916 29,523 59,466 9,235 157,693 Julyll 2,151,059 169,038 728,701 185,483 285,883 51,908 39,186 356,176 87,875 28,878 59,210 9,776 148,945 July 18 2,176,475 163,261 748998 184,736 298 077 52,187 38,735 355 032 87,443 28,816 60 110 10,286 148,794 Total loans and discounts and investments: June 27 16,542,781 1,189,180 6,016i,37. 2 938,9411,662,496 590,177 492,!,9812,,414,507 619,5821 321,283 600,040 320,36411,376,858 16,624 604 1,194:, 144 6099,84: 8 942, 1491,671,954 589,452 496,i,683 2,408,52. 1 616,147' 320,511 601,178 317', ~"015" *11,367,002 July 3 1,332,833 Julyll 16,497,216 1,192!,59, 9 6:041,951 937 4711,659,927 589,609 484,908 2,,410,592 613,885- 320,054 599,331 314:,,056l July 18 16,406,561 1,187',7645, :979,650 939, 4871,660,217 587,230 483,553 2,389,26; 6 615,665 315,156 600,146 316i,, 427 11,332,000 Reserve balance with F. R. banks: June 27 1,390,388 81,949 635,123 65,994 110,440 34,372 30,722 203,811 37,525 19,342 44,488 22,698 103,924 July3 1,441,086 85,551 662,834 70,990 114,246 35,989 34,994 209,469 36,383! 21,416 47,657 23,766 97,791 Julyll 1,423,879 84,822 647,801 70,260 114,247 33,873 32,570 204,458 39,832' 20,075 48,669 21,590 105,682 July 18 88,493 627,961 72,424 108,656 32,429 32,276 208,837 38,159! 20,451 47,298 22,717 99,283 Cash in vault: June 27 282,040 18,992 80,719 16,133 30,135 12,650 9,814 55,918 7,770 6,106 12,782 22,127 July3 285,248 18,295 85,152 14,996 30,578 13,177 9,953 57,078 8,564! 5,615 11,357 8,967 21,516 Julyll 307,070 20,365 88,847 16,525 33,523 14,697 11,557 60,611 8,464 7,186 12,807 9,450 23,038 July 18 285,430 19,884 80,509 15,803 32,652 14,284 10,234 55,268 8,120 6,441 12,265 8,780 21,190

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1023. FEDERAL RESERVE BULLETIN. 963

PRINCIPAL'RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM JUNE 27 TO JULY 18, 1923-Continued. ALL EEPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.]

Phila- Cleve- Rich- At- St. Minne- Kansas San Total. del- Chicago. Dallas. Fran- phia. land. mond. lanta. Louis. apolis. City. cisco.

ft Net demand deposits: June 27 11,104,201 799,808(4,727,030 680,115 927,090 321,775 273,444 1,480,302 343,1 194,525 427,529 214,175 715,309 July3 11,252,915 812,548-1,797,904 687,456 928,287 327, 162 274,203 1,522,408 343,029 196,907 428,946 215,962 718,043 July 11 11,280,811 815,241J4,781,053 696,145 933,200 330,290 275,176 1,523,220| 351,199 198,097 425,699 211,546 739,945 July 18 11,163,332 826, 527 694,196 931,737 .322,325 271,7791,497,532 341,449 197,613 427,063 212,317 733,481 Time deposits: June 27 4,000,009: 257,712 900,653 103,538 563,753 154,363 179,381 787,171 182,206 83,957 132,421 75,806 579,048 July3 4,011,974! 258,821 901,197 107,526 569,594 153,353 178,395 785,688 183,207 83,800 132,258 73,577 584,558 July 11 3,967,5711 261,818 906,170 105,795 570,111 152,994 175,548 788,573! 182,469 85,281 132,359 75,178 531,275 July 18 3,980,567 263,781 904,945 105,435j 570,426 152,656 176,813 785,511] 190,056 86,095 134,377 74,S02 535,670 Government deposits: June 27 255,839 31,874 82,518 21,377 16,693 10,091 10,764 34,893 11,505 5,771 3,9c3 5,740 20,660 July3 227,106! 29,227 71,752 19,210 14,595 8 951 10,404 31,290 10,029 4,983 2,642 5,245 18,778 July 11 179,515; 24 972 54 555 15,753 11,064 7 238 8,047 23,852 7,205 4,048 2,487 4,458 15,836 July 18 157,111; 22 647 46,301 14,089 9,411 6,442 7,232 20,874 3,625 2,063 4,080 14,427 Bills payable and redis- counts with F. R. banks: Secured by II. S. Gov- ernment obligations— June 27 270,704! 6 695 98,386 22,471 28,294 18 087 3,464 36,702 11,275 6,653 17,712 876 20,089 July 3 364,222: 6 477 173,911 27,020 39,721 18,458 4,054 30,566 13,612 6,298 21,948 815 21,342 July 11 309,834 9 057 139,434 22,340 35,894 19 569 3,474 18,301 11,627 6,080 18,279 2,131 23 648 July 18 304,286 9 225 129,364 25,307 28,048 20 806 2,804 23,856 11,408 5,200 18,034 4,247 25,987 All other- June 27 220,357' 21 062 30,850 21,004 20,686 19 012 10,417 26,541 13,928 5,679 7,287 27,943 July 3 279,950' 27 445 5 1, 650 21,438 31,316 21 070 17,796 22,589 23,896 6,573 , 7,391 28,905 July 11 255.017 24 329 51,399 16,425 26,342 18 175 12,295 26,028 14,995 6,360 16,881 8,748 33,205 July 18 222,352 17 264 30,386 15,291 26,792 17 679 11,901 25,993 17,696 5,813 10,746 7,906 28,191 17,440

REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES.

Number of reporting banks: June 27 259, 42 8 10 6 „ 13 6 15 15 July 3 2581 42 8 10 6 49 11 6 15 15 July 11 258! 42 8 10 6 49 13 6 15 15 July 18 258 42 8 10 6 49 13 6 15 15 Loans and discounts gross: Secured by TJ. S. Gov- ernment obligations— June 27 164,175! 10,743 73,942 16,983 6,226 1,993 2 122 29,883 8,405 5,179 1,858 1,475 5,306 July 3 171,1731 10,942 78,191 17,707 5,808 1,658 V49 33,146 8,271 4,821 1,765 1,432 5,283 July 11 158,996! 11,063 74,176 16,818 5,749 1,586 2,133 29,809 8,115 1,433 1,693 1,444 4,977 July 18 158,762! 11,116 74,494 17,293 5,619 1,571 2,119 28,883 7,960 1,323 1,903 1,446 5,035 Secured by stocks and bonds- June 27 2,746,601 187, 81 1,463,692 230,084 161, 173 17,910 11,175 440,276 94,215 32,476 21 302 11,260 75,223 July 3 2,813,665 199,872 1,527,466 224,812 164,424 18,572 11,301 430,860 95,253 33,273 19^990 11,386 76,456 Julyll 2,752,0601 196,902 1,475,500 226,327 153,710 18,322 11,036 441, 192 95,352 10,038 20,201 11,639 85,835 July 18 2,680,7711 192, 645-•' 1",412,583 226,531 154,048 18,422 11,043 432,045 95,678 16,086 19,888 11,733 90,069 AU other loans and dis- counts— June 27 4,814,941 470,937 2,138,638 320,725 314,503 65,961 58,687 685,922 175,220 77,204 117,475 47,231 342,438 July3 4,828,960 477,67''4 1,150,862' 3 328,985 313,874 66,013 57,775 676,323 172,659 77,365 119,912 45,915 341,602 July 11 4,815,376 481, 35f"6 2:', 153,380 324,075 320,171 64,809 57,470 673,486 174,826 99,313 117 884 45,942 302,664 July 18 4,792,089 480.,87' 8 2:! 151,772 326,400 315, 183 6»' 194 58,127 659,200 175, 166 98,803 116,833 46,940 297,593 Total loans and discounts: June 27 7,725, 717 669.495 3,676,272 567,792 481,902 8% 864 71,984 1, 156,081 277 840 114 859 140,635 59,966 423,027 July3 7,813,798 688,488 3,756,520 571, 504 484, 106 86,243 71,22," 1,140 329 27^ 183 115 459 141 667 58,733 423,341 July 11 7, 726,432 689,321 3,703,062 567,220 479,630 84,717 70,639 1,144 487 278,293 116 784 139 778 59.025 393,476 July 18 7,631,622 684,639 3,638,843 9 570,224 474,850 85,187 71,289 1,120 128 278 804 116 212 138 624 60,119 392,697 V. S. pre-war bonds: June 27 98,723 2,102 37,609 6,858 4,530 1,805 2 885 4 003 8 226 3 031 2 050 5,148 20,476 July3 98,506 2,094 37,609 6,858 4,530 1,805 2,857 3 806 8 225 3 041 2 050 3,148 20,483 Julyll 95,796 2,116 37,609 6,858 4,530 1,805 2,857 4 024 8,22" 3 091 2 050 5,148 17,483 July 18 95,770 2,088 37,609 6,858 4,530 1,805 2,857 4 02C 8 22.r 3 091 2 050 5,148 17,483 U. S. Liberty bonds: June 27 617,353 34,362 390,305 33,354 23,887 4,608 273 36 671- 14 783 6,392 20,853 4,504 47,354 July3 634,055 34,452 404,28( 33,331 24,989 4,666 273 37 8">.r 14 919 6 407 20 722 4,504 47,657 July 11 643,204 34,756 413,820 33,28." 24,283 4,671 273 38 311 14 87." 6 442 21 111 4,494 46,8.83 July 18 638,140 38,187 405,700 33 123 24,441 5,094 273 38,104 14 980 6 511 20 663 4,344j 46,720 U. S. Treasury bonds: June 27 49, 855 2,733 20,93f 3 115 770 341 90 5 414 7 535 655 882 1,103] 6,281 July3 49,070 2,784 20,872 3,069 774 341 90 5 037 7 646 655 1 157 1,103 5,542 July 11 47,641 2,451 20,048 3 091 829 331 9( 870 7 619 655 886 1,103 5,668 July 18 48,067 2. 726 20,273 3,05b 808 246 75 4 841 7 625 655 886 1,103 5,767

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 964 FEDERAL RESERVE BULLETIN. AUGUST, 1923.

PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM JUNE 27 TO JULY 18, 1923—Continued. REPORTING MEM3ER BANKS IN FEDERAL RESERVE BANK CITIES-Continued. [In thousands of dollars.]

New Phila- San Total. Boston. del Cleve- Rich- At- St. Minne- Kansas Dallas. Fran- York phia. land. mond. lanta. Louis. apollis. City. cisco.

V. S. Treasury notes: 730,358 21,600 497,559 June 27 r 54,444 9,028 1,552 372 85,690 17,289 12,005 7,121 5,913 17,785 July3 710,10 20,367 486,433 53,993 9,335 1,270 372 «0,74H 16,305 12,3^8 7,124 5,863 15,927 July 11 703,227 20, 702 477.619 54,044 9, 508 1,267 372 81,533 15,323 12.234 7,141 5,700 17,786 July IS 682, r»- 20, 591 472,227 52,386 9,609 847 371 70,635 15,249 12,007 7,0Oi 5,01S 16,621 U. S. certificate of indebted- ness: June 27 75,258 12,235 31,301 5,642 3,255 154 1,474 6,226 6,119 2,122 302 3,929 2,497 July3 64,714 3,389 30,541 5,766 3,274 52 1,471 6,87X 5,793 1,594 276 3,230 2,447 July 11 58.265 2,351 27,903 5,309 2,8.50 52 1,474 6,644 5,302 1,59" 233 2,212 2,340 July 18 52,483 1,841 22,607 5, 524 2,840 52 1,464 6,64fi 5,232 l, 59: 281 2,17f- 2,223 Other bonds, stocks, and securities: June 27 1,15"), 084 80.48f 52R.12C 148,981! 67,449 5.087 3,901 171,844 56.067 13.868 11,313 1,995 July 3 1,161,280 77,009 525.991 148,138 67,604 5,313 3,937 181,048 55.476 13,84 12.003 2,080 68.845 July 11 1.149.555 76,7S6 526.968 149.087 68.555 5,332 4,203 178,604 54,8611 13,445 11.795 2,223 58,696 July 18 1,165.157 71,748 541,883 148,741, 73,098 5,174 4.190 178,500 54,447 14,19^ 11,692 2,726 58,764 Total loans and discounts and investments: June 27 .0.453,346 823,013 5,180.102 820,191 590,821 99.411, 1.9791,465,93^ 387,859 152,932 183.156 82,553 586,388 July 3 .0,531,528 828,583 5,262,245 822,661 594,612 99,S80i 80 228 1 455, 384,54" 153,371 184,999 80.661 584,242 July 11 0,424,120 828,4X3 5.204,029 818,894 590,183 98,175: 79, 9081 .458,473 384,498 154,246 182,994 79.905 542,332 July 18 .0,313,806 821,820 5,139,148 819,912 590,17d 98,405' 80,5: •191,422,886 384,562 154,265 181,201 80,637 540,275 Reserve balance with F. R. ban-s: June 27...... 995,058 65.665 588.29S 60.284 34,436 5,067 5,436 140.828 23,315 9.112 15,253 6,489 41,875 July3 1,033,301 68.932 609,877 65,295 39.949 6,245 6.194 145,590 21,913 11,138 15,431 6,261 38,476 July 11...... 1,017,238 66,142 598.904 63,309 37.969 5.0fil 5,803 140.924 25,366 9,525 15,017 6,309 42.849 July 18 1.002,329 71,149 578,543 65,442 36,722 5,033 5,157 146,721 23,489 10,881 15,836 6,076 37,280 Cash in vault: June 27 144.346 8.482 66,395 12,689 8.695 952 1,673 30.214 3,573 1,828 2,693 1,15 5,985 July 3 147,726 8,194 69.783 11,994 8,958 864 1,824 31,180 3,708 1,787 2,285 1,137 6,014 Julyll... 157,278 8,681 73.007 13,291 9.72' 1,158 2,051 32,838 3,832 2,517 2,598 1,223 6,357 July 18 142,927 8,320 65,: 12,6311 9,316 961 1,922 29,54~ 3,566| 2,030 2,413 1,225 5,616 Net demand deposits: June 27 7,557,194 622,1894.220,793 594,9221 256,683 51,111 43,489 997,832 227,537 89,744 145,736 59.286 241,869 JulyS 7,652,829 ;,793 4,280.975 599,791; 255,609 48.530 44,59711,030,044 226,663 92,612 144,726 58,873 241,616 July 11 7,604.893 629,822 4.276,505 608,8321 258,809 48,372 45,3281,018,779 233,68-1 92,887 138,643 59.402 253,827 July 18 7,574,722 641,507 4,207,346 608,279 257,56s 46,976 46,523 994,530 224,349 94,114 143,903 59,074 250,555 Time deposits: June 27 1,995,001 108,292 631,021 83,620 320,896 26,074 23,940 373.107 103,450 38,892 13,425 13,474 258,813 July 3 2,004.823 109,621 629,742 87,591) 326,250 2(i,0S6 23,745 373.038 102,714] 38,766 13,411 12,341 261.518 Julyll 1,955,577 112,003 632,408 85,6881 327,252 25,852 23,78!) 375,043 101,177 40,353 13,387 12,205 206,363 July 18 1,957,263 113,739 628,522 85,315] 327,261 26,194 23,775 372,332 105,871 41,978 12,893 11,924 207,452 Government deposits: June 27... 175,027 28,518 75,789 18,631 4,100 1,257 1,732 16,907 9,06l! 2,184 3,008 3,383 10,457 July3 153,848 26,354 65,992 16,685 3,522 1,040 1,512 15,117 7,879' 1,690 1,814 3,122 9,121 Julyll 120,317 22,885 50,336 13,5/9 2,597 83! 1,174 10,6i9 5,523 1,192 1,852 2,707 6,989 July 18 104,065 20,927 42,823 12,083 2,201 731 1,005 8,804 4,493 1,006 1,514 2,509 5,966 Bills payable and redis- counts with F. R. banks: Secured by U. S. Gov- ernment obligations- June 27 154,340 2,105 70,316 20,042 1,230 2,100 650 22,329 4,475 2,993 9,483 18,617 July3 233,507 2,312 142,541 25,445 2,220 3,666 650 15,899 5,240 3,188 12,651 19,695 July 11 19.5,970 5,590 114,161 19,16a 2,105 4,611 650 9,784 6,119 3,745 10,185 80 19,775 July 18 186,533 6,878 100,941 21,957 735 4,967 6,960 6,282 3,745 10,359 200 23,509 All other- June 27 135,803 19,338 21,817 21,004 6,837 4,242 2,S66 16,615 4,666 5,007 7,470 2,086 23,855 July 3 184,514 25,627 45,93? 21,438 17,159 5,9-0 4,470 10,20 13,961 5,505 7,618 2,423 24,248 Julyll 166,456 22,171 42,534 16,425 10,530 4,6-6 3,803 16,363 6,271 4,445 8,449 2,789 28,044 July 18 138,9.1 15,778 22,324 15,291 10,510 4,96. 2,6-6 16,605 9,719 3,9/6 9,265 2,796 25,087

MEMORANDA.

Bank deposits: Due to banks— June 27 1,821, 100,339 853,466 153,686 42,064 25,395 11,138 340,418 70,657 35,936 95,913 13,548 79,386 July3 1,959, 116,2231 9i3,5l6 161), 159 42,8.6 24,506 11,914 348,900 71,425 39,805 96,1-37 14,061 89,294 Julyll 1,9 3, Ul,i9i 955,433 153,613 43,-64 27,108 12,053 334,59J 70,579 39,765 93,627 13,405 88,154 July 18 69 115,404 893,10/ 158,444 44,709 25,779 12,022 323,785 70,524 36,456 92,0U 12,682 85,053 Due from banks— June 27 472, 32,516 73,733 52,993 16,71-6] 12,389 5,718 145,310 21,507 18,503 36,948 14,985 41,389 July3 511, 34,607 91,175 61,10* 26,319! 11,830 7,735 167,9J9 23,078] 20,553 41,653 12,702 42,364 Julyll 504, 31,435 78,5-8 52.361 19,5-6 12,779 8,730 U8,800 21,1371 20, ,92 46,698 12,218 51,383 July 18 496, 34,905 70,169 53,776 21,789 12,895! 6,439 159,60/ 23,392 14,135 39,311 10,9-9 49,476

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1923. FEDERAL, RESERVE BTTT.T.ETIK. 965

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.

MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES,

fin thousands of dollars.]

Federal reserve district. Number May, 1922. of cities. May, 1923. June, 1923. July, 1923. June, 1922. July, 1922.

No. I—Boston 2,139,645 2,172,872 1,983,223 1,817.939 1,992,898 1,899,373 No. 2-—New York 21,399,851 21,789,8% 19,008,372 22,268,911 22,693,592 20,328,510 No. 3—Philadelphia... 1,973,625 2,083,113 1,826,560 1,634,314 1,720,649 1,668,316 No. 4—Cleveland 2,263,888 2,278,941 2,237,042 1,741,268 1,927,948 1,911,065 No. 5—Richmond. 701,164 742,692 681,119 664,853 681,167 636,506 No. 6-Atlanta 922,450 902,403 837,023 764,397 785,260 743,297 No. 7-Chicago 4,899,390 4,772,812 4,509,455 4,097,957 4,326,058 3,995,626 No. 8-St. Louis 1,076,561 1,104,142 980,103 911,346 930,887 871,384 No. 9—Minneapolis 634,217 652,341 593,964 546,252 569,323 554,605 No. 10—Kansas City.. 1,142,172 1,155,879 1,081,943 1,026,849 1,081,813 1,041,778 No. 11—Dallas 486,003 465, 461 420,874 486,707 479,097 432,944 No. 12—San Francisco 2,429,942 2,453,134 2,344,597 1,995,215 2,047,485 1,972,381

Total 40,071,906 40,573,595 36,504,275 37,976,008 39,236,177 36,055,788

New York City 1 20,703,871 21,041,296 18,320,626 21,653,679 22,063,382 19,713,134 Other cities 140 19,368,035 19,532,299 18,183,649 16,322,329 17,172,795 16,342,654

WEEKLY SUMMARY FOR BANKS IN 248 CITIES. [In thousands of dollars.]

1923 1922 Number Week ending- "Week ending— Federal reserve district. if centers included. July:). July 11. July 18. July 25. July 5. July 12. Tnly 19. July 26.

No. 1—Boston IS 556,477 529,595 541,019 462,610 491,659 460,064 504,079 491,757 N o. 2—New York 13 5,442,122 4,954,106 4,474,846 4,246,429 4,924,835 5,009,776 4,753,528 4,683,110 No. 3—Philadelphia... 18 500,372 486,271 501,361 466,761 386,627 427,905 496, 882 399,721 No. 4—Cleveland 23 645,157 666,210 656,743 614,894 566,533 537, 713 545,569 514,912 No. 5—Richmond 23 290,881 296,909 278,531 243,807 247,103 264, 569 •250,115 224,771 No. 6—Atlanta 25 229,180 233,800 212,766 188,869 196,246 192,077 184,926 170,032 N o. 7—Chicago 32 1,116,150 1,113,641 1,148,104 1,076,289 946,288 978,782 998,935 923,364 No. 8—St. Louis 12 252,451 268,843 267,690 234,210 243,924 236,799 233,137 198,258 No. 9—Minneapolis... 16 144,359 167,413 152.431 137,785 130,515 145,840 136,821 131,07£ No. 10—Kansas City.. 29 267,439 303,456 296,884 264,274 264,807 285,826 275,304 254,101 No. 11—Pallas 15 120,736 140,050 124,593 118,300 125,092 130,586 128, 774 115, iSC No. 12—San Francisco 16 536,588 632,618 623,880 527,918 455,467 512, 882 4S5, 808 438,153

Total 248 10,096,588 9,792,943 9,278,848 8, 582,146 8,979,096 9,182,819 9,003,878 8,544,508

DATA FOR EACH CITY. [In thousands of dollars.]

1928 1922 Week ending— Week ending—

District No. 1—Boston: Bangor, Me 3,910 3,944 3,768 3,153 3,408 3,367 3,235 2,931 Boston, Mass 374,734 341,641 355,325 304,385 330,678 297,377 344,497 352,606 Brockton, Mass 4,152 4,831 4,928 3,216 4,212 4,465 4,633 3,941 Fall River, Mass 6,723 7,405 7,348 6,526 6,833 7,470 6,681 5,926 Hartford, Conn 28,604 30,222 25,473 23,405 25,559 22,775 22,787 21,069 Holyoke, Mass 4,168 4,436 4,151 3,518 3,440 3,301 3,173 2,968 Lowell, Mass 5,278 5,658 5,572 4,219 4,346 5,265 4,718 4,150 Lynn, Mass 4,984 4,476 6,054 5,137 5,4.56 5,901 5,745 5,606 Manchester, N. H 5,333 5,619 5,451 4,147 3,988 3,834 3,783 3,313 New Bedford, Mass 6,821 7,440 8,801 6,574 6,679 6,436 6,902 5,920 New Haven, Conn 21,844 23,370 24,225 18,609 18,102 20,401 23,105 18,106 Portland, Me 9,381 11,082 11,112 8.945 9,009 8,697 7,822 7, 451 Providence, R. I 36,870 35,405 35,821 31,917 31,948 33,153 31,075 25,237 Springfield, Mass 17,977 17,945 16,930 15,560 15,890 17,209 14,170 14,082 Waterbury, Conn 8,377 7,863 7,547 7,234 6,209 6,258 0,456 5,925 Worcester, Mass 17,338 18,260 18, 513 16,065 15,842 14,145 15,297 12,526 District No. 2—New York: Albany, N. Y 39,108 27,874 20,749 19,683 31,051 21,285 34,767 20,729 Binghamton, N. Y 4,634 5,643 5,093 4,160 4,111 4,418 4,154 3,624 Buffalo, N. Y 81,732 82,171 76,252 66,076 76,799 67,292 63,180 59,287 Elmira, N. Y 4,150 4,239 4,279 4,522 3,464 3,624 3,609 3,048 Jamestown, N. Y 3,952 4,829 4,734 3.946 3,542 3,749 3,817 3,645 Montclair, N. J 3,107 3,462 3,147 2,762 2,304 2,681 2,351 2,199

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 966 FEDEBAL RESERVE BULLETIN. AUGUST, 1923.

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOR EACH CITY—Continued. [In thousands of dollars.]

1923 1922 Week ending- Week ending—

July 3. July 11. July IS. July 25. July 5. July 12. July 19. July 26.

District No. 2—New York—Continued. Newark N. J. 67,186 62 771 64 443 59,722 59,792 51 864 56,209 51,272 New York N Y 5,121,476 4,646,543 4,196,053 3,990,447 4,617,704 4,763,690 4,496,357 4,454,686 Northern New Jersey Clearing House 43,757 45,809 38,044 38,346 36,710 35,677 35,218 38,041 7 181 8 478 8 391 6,937 3 717 5 551 5 361 5,345 Rochester, N. Y 44 640 38,415 33,647 31,560 36,710 28,081 32,852 26,177 3,244 3,754 3,278 2,821 2,731 2,835 2,718 2,301 17,949 20,118 16,136 15,447 16,110 16,029 12,935 12,753 District No. 3—Philadelphia: 8,306 7,546 6,835 6,670 6,802 6,038 5,932 5,228 Altoona, Pa 4,105 3,937 4,809 4,091 2,630 3,347 3,116 2,997 11,949 11,859 12,881 10,565 8,344 9,932 10,670 9,180 Chester, Pa...... 5,730 5,762 5,892 6,120 4,024 4,693 4,796 3,788 8,388 11,197 9,351 7,771 7,299 7,765 8,657 6,795 3,262 2,669 3,346 2,306 2,389 2,325 2,255 1,716 5,838 6,267 5,992 5,680 4,471 4,791 4,964 4,441 5,487 6,589 6,053 5,225 5,040 5,268 5,306 1,309 1,761 1,985 1,805 1,519 1,351 1,358 1,180 1,127 795 1,065 985 1,000 755 835 873 772 Philadelphia, Pa 371,786 349,572 366, 489 348, 546 288,133 324,151 395,117 307,090 8,676 10,651 10,930 9,680 7,330 7,998 7,824 7,185 22,900 21,900 19,800 18,400 12,133 12,920 10,614 10,662 Trenton N. J 12 781 15,100 18,070 13,015 11,887 11 992 12 099 11,383 Wilkes-Barre, Pa 11,726 11,222 9,990 9,116 8,148 7,040 6,801 5,842 4 039 4,685 5,002 4,480 4 094 4 380 4 321 3 464 Wilmington, Del . 8,651 9,395 8,371 7,876 8,189 8,098 8,062 9,649 York, Pa 4,192 4,870 4,760 4,338 3,608 4,368 4,295 4,093 District No. 4—Cleveland: 16 112 20,058 18,449 18,611 12 278 15 932 13 294 14 673 Butler Pa 2,686 3,224 2,521 2,459 2,710 •2 812 2,186 2,093 10,149 12,784 11,255 9,582 8,131 9,424 9,314 9,062 75,655 82,457 82,515 77,308 65,820 67,345 72,222 61,711 Cleveland, Ohio 162,454 162,897 165,331 139,836 148,307 131,172 111,308 122,822 Columbus, Ohio 30,231 36,950 39,179 34,665 28,877 32.546 31,977 29,736 Connellsville, Pa 1,207 1,176 1,341 1,169 906 1,121 1,178 1,202 16,538 19,811 18,584 16,505 16,354 15,932 11,071 13,035 Erie Pa 7 244 8,370 7,773 7,368 6,240 6 142 6 021 5 558 4,821 4,851 4,827 3,144 3,721 3,981 4,485 4,125 919 1,050 982 908 1,044 808 797 587 5,313 6,725 4,411 3,670 5,176 '5,182 4 457 3,689 Lima, Ohio 3,392 3,991 5,127 3,947 3,251 3,680 3,560 3,022 1,721 1,759 1,552 1,599 1,410 1,195 1,226 1,080 New Brighton, Pa . 2,573 3,204 2.706 2,135 2,704 2,354 2,196 2,028 Oil City, Pa 2,883 3,517 3,227 3,097 3,525 3,086 2,800 3,013 Pittsburgh, Pa 223,051 208,449 203,685 212,268 177,738 162,563 158,401 167,515 5,482 5,712 5,489 4,945 5,372 1,957 4,776 4,611 Toledo Ohio 40 058 43,571 45,211 37,564 33,926 39,804 43,869 36,575 3 003 3,172 3,638 3,302 2,578 2,412 3,122 2,221 10,920 11,990 10,513 10,282 9,052 8,724 9,512 10,123 15 884 16,874 15,285 17,113 24,081 13,817 12,302 13,955 2,861 3,198 3,109 3,117 2,969 2,724 2,465 2,173 District No. 5—Richmond: Asheville, N C 4 311 5,630 4,920 5,135 4,137 4,348 4,731 4,156 Baltimore, Md.. . . 92,200 97,500 94,700 79,100 80,876 92,514 83,068 76,267 Charleston, S C 6 708 6,778 5,567 7,920 6,199 6,955 5,380 6 111 Charleston, W. Va.. . . 8,012 10,007 8,004 8,003 6,550 7,308 8,014 7,266 Charlotte, N. C 11 169 9,644 8,624 7,351 7,877 7,281 6,880 8 387 Columbia,S.C 5,063 4,861 4,148 4,111 5,151 4,100 4,073 3,450 2,033 2,724 2,635 2,199 2,156 2,317 2,047 1,099 Danville, Va 2,265 2,780 1,915 1,757 1,492 2,192 1,719 1 498 Durham, N. C 3,841 4,953 3,917 4,379 3,921 4,526 4,176 5,741 5,924 5,269 5,264 5,116 3,285 3,714 4,293 3,104 Greenville, S. C 4,100 6,088 4,800 3,600 4; 112 3,790 3,317 3,437 Hagerstown, Md 2,858 2,960 2,617 2,020 2,326 2,360 2,008 1,710 Huntington, W. Va 5,672 6,043 6,497 5,096 4,903 4,742 1,661 4,711 Lynchburg, Va... 6,022 6,215 4,519 3,941 5,096 5 243 4 018 3 157 Newport N ews, Va 1,593 2,270 1,657 1,132 2,021 2,183 1,596 1,106 Norfolk, Va 16,233 15,907 16,308 11,569 15,296 16,642 17,096 12,771 Raleigh, N. C 8,003 7,600 6,050 7,095 3,700 3 800 8 000 4 100 31,802 30,083 27,574 23,818 27,014 25,318 24,809 23,224 5,998 5,814 5,998 5,280 5,514 5,227 5,455 4,185 Spartanburg, S. C 2,727 2,616 2 087 1,754 2 232 2 082 2 066 1 781 Washington, D C 49,217 48,160 47,385 39,587 42,927 47,434 43,180 37,909 Wilmington, N. C. 4,250 4,321 4,337 3,535 3,899 5,248 4,164 4,227 Winston-Salem, N. C. . 10 880 8,686 8,978 6,379 6,386 5 245 5 061 4 471 District No. 6—Atlanta: Albany, Ga... 870 1,040 861 680 807 792 787 686 Atlanta, Ga 30,230 31,190 28,620 28,078 27,927 25,894 25,887 21,538 Augusta, Ga 5,810 6,123 5,740 1,767 4,438 5,535 5,081 4,840 Bir ningham, Ala 25,872 27,758 24, 788 21,362 18,184 17,520 16,093 15,616 Brunswick, Ga 620 710 689 601 600 752 510 599

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DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOB EACH CITY—Continued. [In thousands of dollars.]

1923 1922 Week ending— Week ending-

July 3. July 11. July 18. July 25. July 5. July 12. July 19. July 26.

District No. 6—Atlanta—Continued. Chattanooga, Tenn 8,294 9,313 9,380 7,632 6,864 6,754 6,483 6,174 Columbus, Ga 2,631 2,909 2,656 2,100 2,405 2,684 2,118 2,026 Cordele, Ga 210 309 233 170 149 216 198 146 Dothan, Ala 6-10 485 430 360 502 450 506 368 Elberton, Ga 138 199 123 115 183 212 136 155 Jackson, Miss 2,657 4,140 2,808 2,318 2,171 2,967 2,331 1,635 Jacksonville, F]a 12, 539 12,887 13, 202 11,1-15 10,861 10,002 10,713 8,905 Knoxville, Tenn 8, 807 7,641 7,462 7,093 6,925 5,928 6,014 5,505 Macon, G a 4,513 5,632 5,282 4,371 4,503 4,634 5,208 4,127 Meridian, Miss 4,015 4,000 3,822 3,392 1,695 1,918 1,788 1,655 Mobile, Ala 6,227 7,399 6,421 5,555 6,187 5,677 5,001 5,349 Montgomery, Ala 4,076 4, 619 4,218 3, 375 3,185 3,164 3,259 2,844 Nashville, Tenn 17,646 17, 393 17,585 13,608 16,572 15,843 15,465 13,096 Newnan, G a 351 433 390 293 70fi 417 325 330 New Orleans, La 65,924 06,650 58,99fi 54, 213 62, 376 62,021 59,885 56,219 Pensacola, Fla 1,600 1,930 1, 682 1,589 1, 553 1,362 1,283 1,268 Savannah, Ga 17,016 10,468 7,531 7,711 9,996 9,758 7,943 8,222 Tamra, Fla 6, 285 7,597 7,216 6,086 5,186 5,222 5,174 6,687 Valdosta, Ga 951 1,258 971 1,006 917 1,116 915 770 Vicksburg, Miss 1,258 1, 747 1,630 1,219 1,354 1,239 1,163 1,272 District No. 7—Chicago: Adrian, Mich 655 943 86? 712 746 750 706 551 Aurora,IJl 3,153 3,827 3,930 3,188 2, 555 2,992 2,605 2,531 Bay City, Mich 2, 145 2,612 2,437 2,425 2,231 2,495 2,166 2,162 Blootiington, Til 2,595 2, 583 2,716 2.183 2,210 2, 285 2, 484 2,087 Cedar Rapids, Jowa 6, 595 7, 693 6,510 5', 448 5,780 8,637 8,3*14 6,245 Chicago, 111 703,212 66.5,147 702,356 6:i6,478 575,910 595,856 611,936 555,001 Danville, 111 3,300 3,900 4, 500 3,100 3,100 3,300 2,900 2,100 Davenport, Iowa 7, 563 7,6*18 8, 362 7,521 9,887 7,605 8,6?3 8,982 Decatur, 111 3,560 3,716 3,777 3 822 3,0C0 3,498 3,301 3,380 Des Moines, Towa 17,"90 22,102 18,101 18,212 15,3?8 17,362 15,991 14,675 Detroit, Mich 142,3?6 144,739 157,377 170,614 127,100 130,381 139,130 141,881 Dubuque, Iowa 3,709 4,168 3, *65 2,975 3.150 3,300 3,0?2 2,247 Flint, Mich 9, ?9» 6 9?9 6, 506 6,188 5, ?02 5,116 5,575 5,040 Fort Wayne, Ind 10,050 11,881 10,136 8, 351 7,951 7,917 7,151 7,207 Gary, Tnd 3,511 4,9?8 4,039 4,010 3,218 2,71.3 3,308 2,479 Grand Rapids, Mich 13, 841 15,880 16,619 15,795 12,682 14,372 15,133 13,479 Green Bay, Wis 2 J?2 3,014 2,704 2,394 Hammond, Ind i, 590 4 612 4,710 4, 440 3,278 3,B02 3,160 3,100 I ndianapolis, Ind 3fi,660 41,936 41,118 35,994 32,922 35,863 36,379 31,336 Jackson, Mich 4, 565 5,559 1 502 4,959 4,170 4,0f>3 4,323 4,871 TCala^azoo, Mich 5 432 5, 475 5, 285 4,441 3,888 *S,?03 4,416 3,876 Lansing, Mich 9,115 8,604 9,0?7 8,5*19 6 735 6,507 6.264 5,695 2,700 2^139 2,3?9 2,023 1,864 Mason City, Iowa 2,602 ?,702 2 ??2 J Milwaukee, Wis 62,8'>5 70,J«l 68, 59,979 59,5?6 57, 927 56,5 6 57,0*10 Moline, HI 1,899 2,023 1,901 2,101 1,969 3,1?9 2,509 1,680 Museatino, Towa 1,1?5 1,314 ],?i« 1, 7'<8 1,108 1,?86 1,170 1,018 Oshkosh, Wis.. 2 J00 ?,700 2,800 2,100 ?,?00 1,900 2,500 1,900 8,770 8,655 7,994 Peoria, TU.. 8,792 10,334 !), ?95 8,394 8,175 Roekford, Til 6, .'02 6,8">0 fi.433 ^S*^ 4,791 5,190 4,771 4,800 Saeina"', Mich.. 4,702 5, 8«4 5'3J5 5.331 Sioux City, Iowa lfi,8"5 18,377 18,2*10 15,581 15,76? 16,612 16 133 14,549 South Bend, Tnd . . 7,6?5 11,6<5 9,364 9,761 8,216 8,802 8,055 6,093 Springfield, TU 8 ""01 7, 553 r>, 765 6 995 7,415 6,317 5,761 5,054 Terre Haute, Ind 7,1 38 7 533 5,913 5,7C0 2,947 Waterloo, Iowa 3, 962 4,877 4,297 3,924 3,734 3,573 3,535 District No. 8—St. Louis: East St. Louis and National Rtock Yards, III 9,165 10,817 10,209 10,424 8,349 10,704 8,8 8,094 Eldorado, Ark 2,261 2,933 2,779 2,300 Evansville, Ind 7,653 8 288 8,038 7,016 9,100 8,542 7,221 5,541 Fort Smith, Ark 2,265 2,656 2,313 2,262 2,351 2,302 2,124 2,248 Greenville, Miss 662 852 674 1,226 699 490 Helena, Ark 980 953 834 923 878 939 1,040 1,008 Little Rock, Ark 9,542 12,041 12,952 12,027 8,048 8,251 8,416 7,129 Louisville, Ky 40,218 41,077 39, 487 33,296 34,511 33,543 32,101 28,697 Memphis, Tenn 26,499 25,997 26,029 22,510 24,295 23,860 23,057 19,603 Owensboro, Ky 1,175 1,546 1,343 1,275 1,097 1,633 1,244 1,069 Ouincy, 111 2,295 2,756 2,693 2,477 2,030 2,323 2,220 1,906 St. Louis, Mo 150,041 159,187 160,304 139, 203 150,414 141,666 143, 884 120,426 Springfield, Mo 2,618 3,525 2,797 2,851 3,036 2,934 2,537 District No. 9—Minneapolis: 1,191 1,548 1,306 1,309 1,229 1,537 1,339 1,266 Aberdeen, S. Dak 1,383 Billings, Mont 1,650 2,251 2,008 1,894 1,767 1,973 1,824 256 283 424 305 288 298 318 221 Dickinson, N. Dak 14,537 Duluth Minn 18,641 20,475 19,182 16,784 15,43' 15,977 15,756 3,029 2,291 Fargo, N. Dak 2,419 3,089 3,063 2,585 2,861 2,930 1,303 1,153 Grand Forks. N. Dak 1,502 1,756 1,871 1,667 1,397 1,392 — 1,""" 2,866 2,015 1,883 2,002 2,601 2,093 Helena, Mont '. 410 Jamestown, N. Dak 456 533 536 443 '372 537 418 La Crosse, Wis 3,025 3,248 3,245 3,008 Lewistown, Mont .. - 854 1,022 834 1,054 852 794 755

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DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOR EACH CITY—Continued. [Ip thousands of dollars.] j 192S. 1922. Week ending—• Week ending- I July 3. July 11. July 18. July 25. July 5. July 12. July 19. July 26.

District No. 9—Minneapolis—Continued. 65,683 79,706 73,500 61, 239 62,664 69,430 64,188 62,616 929 1,063 1,621 1,059 988 829 858 816 511 563 475 381 607 557 492 354 St. Paul, Minn ... - 41,166 44,847 39,322 41,317 33,275 39,968 37,677 37,623 3,973 3,896 3,178 3,009 3,750 4,082 3,970 3,340 1,566 2,115 1,875 1 770 1,702 1,638 1,851 1,406 1,666 1,400 1,221 1,086 1,324 1,297 955 906 District No. 10-Kansas City: 1,225 1.657 1,465 1,257 1,116 1,216 1,279 1 1,047 Bartlesville Okla 2,281 2,611 3,492 1,915 3,072 2,587 2,519 1 2,186 4,737 5,145 4,535 4,878 3,413 3,150 2,915 | 3,222 2,088 2,218 1,846 1,669 1,721 | 2,007 2,288 , 2,230 2,572 3,542 2,845 2,547 2,922 3,307 2,713 2,622 37,085 39,697 37,261 33,164 34,676 38,608 34,229 34,186 Enid Okla 3,175 4,709 4,492 3,973 2,986 3,115 3,421 3,016 790 916 701 679 772 843 715 739 1,168 1,523 1,230 1,060 1,152 1,216 1,264 1,118 620 727 643 540 577 653 462 563 548 800 748 844 565 607 612 471 2,548 3,130 3,430 3,251 2,674 3,804 3,364 3,716 3,473 2,652 3.257 1,852 2,439 1,943 2,437 1,708 3,630 2,928 2,768 2,279 2,636 2,844 2,477 2,248 4,307 4,372 5,316 4,884 3,217 3,175 5,128 3,752 68,908 77,282 79,249 71,918 71,149 70,297 71,501 66,630 957 1,134 1,014 927 1,001 1,043 847 818 618 1,118 917 891 803 921 769 683 5,703 6,278 5,718 5,492 4,815 5,964 6,160 6,275 Oklahoma City, Okla 17,924 20,356 20,743 16,835 20,533 21,149 20,938 18,097 Okmulgee, Okla 1,927 2,214 1,854 1,746 1,984 2,133 1,709 1,758 41,690 51,804 51,528 43,753 43,183 48,152 46,503 43,520 702 906 644 664 916 1,001 880 968 1,285 1,523 1,596 1,216 1,049 1,211 1,081 971 Pueblo, Colo 4,721 4,679 4,351 2,92; 3,707 4,5)2 4,251 3,602 11,745 14,042 13,119 12,627 13,153 16,177 14,826 12,401 3,544 5,506 2,781 3,217 3,249 4,163 3,381 3,046 Tnlsa, Okla 24,681 26,676 26,978 20,74; 22,591 27,602 24,831 22,384 Wichita, Kans . 12,787 13,311 12,273 10.53C 12,736 12,426 11,804 10,114 District No. 11—Dallas: 2,984 2, 458 3,058 1,849 2,280 2,734 2,312 1,767 Austin, Tex 2,663 2,872 2,5(13 2,743 2,997 3,485 2,407 2,326 3,321 4,246 4,388 3,40' 3,110 3,610 3,363 2,907 l,30( 1,35( 1,6?3 1,718 856 1,016 773 31,55( 33/66 30,813 28,031 30,017 31,258 32,104 27,391 1CI Paso, Tex 6,352 8.4Q6 6,373 5,882 7,768 8,313 6,871 6,863 Fort Worth, Tex.. 15,506 16,152 14,912 13,305 20,970 21,876 19,795 12,336 19,986 14,610 18, 73; 14,251 14,542 17,574 12, 896 26,185 26,508 24,113 22,81' 23,450 21,450 21,872 20,993 63f 62( 493 421 466 585 775 611 5,239 7,440 7,218 6,54; 4,801 6,930 7,008 5,430 6,99; 8,85o 7,578 6,91 7,420 7,261 7,652 6,722 Texarkana, Tex 1,42; 2,697 2,180 1.60E 1,571 1,742 1,811 1,508 1,578 1,84' 1,411 1,65 1,767 1,824 1,705 2,61( 3,46< 3,260 2,6SJ 3,368 3,960 2,752 2,437 District No. 12—San Francisco: Bakersfleld, Caiif.. 2,510 2,504 2,430 1,76 2,493 2,602 2,408 2,245 1,943 2,33* 1,988 1,78 1,603 1,497 1,848 1,587 Berkeley, Calif 3,213 4,83; 4,544 3,54 3,581 4,186 3,918 2,793 2,24 3,442 3,057 3,05; 3,034 3,229 2,731 2,33 2,300 2.75C 2,40. 1,518 2,181 2,141 1,862 9,C9 11,636 11,486 9,90 9,200 10,057 9,915 8,584 12,37 15,136 14,665 13,215 8,537 9,151 9,704 8,254 151,6^ 180,085 183,254 153,543 106,408 123,252 120,451 108,231 Oakland, Calif 26,02 33,575 30,475 24,938 18,955 23,093 19,703 17,146 Ogden, Utah 5, ?6 6,240 5,90£ 5,238 3,501 4,348 3,973 3,270 6,23 7,923 8,295 6,096 6,646 6,963 6,019 5,053 4,09? 4,234 3,892 3,384 4,513 3,884 4,142 3,564 25,59 45,704 37,78( 32,640 32,495 32,969 32,171 28,010 2,i2 2,779 2,692 2,353 2,991 2,713 2,625 2,569 Ritzville, Wash 95 126 13; 125 149 167 129 106 7,34 10,320 7,917 7,786 12,611 15,739 15,266 12,790 Salt Lake City, Utah 14,57: 15,468 14,037 12,191 13,543 13,728 13,489 11,305 1,47! 2,427 2,04! 1,684 1,275 1,911 1,528 1,334 San Diego, Calif...... 11,76 13,992 11,96: 9,399 9,804 10,680 9,590 7,970 172, 25 188,483 193,308 162,979 158,885 171,043 170,191 148,682 5,17 6,810 5,201 4,235 5,093 5,966 4,610 3,922 Seattle, Wash ...... 35,09 39,305 44,281 38,339 25,688 35,145 31,529 32,937 Spokane, Wash ll,56i 12,786 12,304 10,819 8,967 9,968 11,116 8,999 Stockton, Calif...... 5,55 6,886 6,872 5 672 4,539 5,870 5,149 4,150 8,40! 10,756 10,277 9,109 8,269 10,079 8,995 8,257 Yakima, Wash 2,028 2,560 2,321 1,720 2,169 2,461 2,467 2,007 1

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OPERATIONS DURING JUNE, 1923.

[Numbers in thousands. Amounts in thousands of dollars.)

Number of nonmember Items drawn on banks located Total items handled, including banks at end of in own district. Items Items duplications. month. Items drawn Total items forwarded to forwarded to Number on Treasurer handled, other Federal parent banks of member exclusi e of banks at In Federal Outside Fed- of United reserve banks or to branches end of Federal reserve eral reserve States. duplications. and their in same bank or branch. reserve bank district. Number. month. On par Not on par or branch bank or branches. Amount. list. list.' city. branch city.

Num- Num- Num- Num- Num- 1922 her. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount 1923 1923 1922 1923 1922 1923 1922

Boston 077 779,198 4,49ii 546,094 154 15,049 5,327 1,340,941 234 55,074 5,561 4,8221 1,396,015 1,035,978 427 433 230 258 New Yorfc 2,330 4,439,167 5,054 784,084! 1.0181 110,239 8,402 5,314,090 1,287 156,415 5,322 9, 716 9,24ll 5,475,827 5,130,049 739 7i9 27 Buffalo 231 130,985 5.8 67,729j 13 2,384 702 201,098 151 29,115 19,034 952] 914, 249,247 184, 733 88 84 8( 77 Philadelphia 1,200 925,8.8 2,005 364,Oil! 152 2,1,309 3,957 1, 316,188 464 111, 764 4,42l' 5,0o6! 1,427,952 1,208,509 720 711 495 474 Cle i eland C(il 593,586 1,658 194,535 81 5,099 2,400 703,820 51 8,908 10,541 2,487: 2,348, 813,289 42.J, 524 3141 316 5l5 511 Cincinnati 277 398, 125 947 93,628 66 9,352 2 l,30i 2 502,953 21 7,383 5,423 1,339, 1,183 515, 742 207,973 224 223 315 312 1 I ittsburgh 630 746,915 1,082 128,375 44 5,368 1,702 880,058 108 42,790 11,802 1,911 1,613! 935,316 385,081 347 345 2541 251 Richmond 139 307,442 2,107 311,7941 47 5,108 2,353 624,404 161 65,073 8,949 2,555 2,342; 099,026 401,342 474 408 609 70o 573 577 Baltimore 300 240,317 8#> 85,259! 54 11,507 1 210 337,083 140 41, 863 8,907 1,439! 1,300; 387,913 271,080 161 102 203! 263 Atlanta 127 111,491 388 44,911; 38 4,818 553 161, 220 26 8,114 4,395 611! l,12l! 173, 729 200, 224 224 231 891 91 454 485 H 1 xn Birmingham... 60 48,810 210 16,055 13 1,427 283 64, 292 22 15,072 32,216 330; 475' 112, 180 80,402 93 82 33 32 145 119 Jacksonville 68 69,381 192 22,718; 9 927 269 93,003 28 5,529 1,430 304 232; 99,905 43,555 76 70 05 63 146 145 Nashville 74 91,535 254 27,1411 15 1,24 343 119,923 10 3,752 1,109 357 325i 124,784 51,141 89 87 144 145 150 162 New Orleans... 104 47,830: 14fi IS,676| 36 4,297 280 68,803 45 13,545 712 338 257; 83,000 79,285 58 53 49 51 223 223 Chicago 1,097 1,133,419] 4,59! 384,505 320 53,099 6,008 1,574,023 440 42,100! 3,058 0,461 5,945 1,019,181 1,021,552 I,3i6 I,3i8 3,977 3,975 Detroit 322 388, 104] 773 77,090 35 4,205 1,130 469,400 23 8,870 3,017 1,157 900 481,287 254,235 124 12o 259 254 Of St Louis 356 369,414] 1,595 94,768 109 28,244 2,060 492,426 48 5 208 1,175 2,122 1,9C9; 498,809 330,128 398 382 1,1 1,712 j Little Rock 74 38,415] 348 21,284 10 1,109 432 60,808 1 257 527 4411 408; 61,592 39,093 71 70' 238 230 1 Louis- ille 127 161,070! 524 29,2911 35 4,204 08f> 195, 165 15 1,516 175 7031 613i 196,850 88,529 95 95 352 342 I Memphis 86 34,211 216 12, 191 12 1,683 314 48,085 2 600 320 318] 207; 49,005 38,965 60 581 185 188 159 156 Minneapolis 303 133,087 1,760 97,650 53 6,237 2 2,121 2 242,209 85 18, 539 87 2,207 1,946! 200,835 215,0791 820 827; 2,378 2,419 181; 175 Helena 27 15,343| 138 9,714 9 987 174 26,044 5 2,498 1,027 181 253 29,569 24,5951 180 190 180 208 6 4 3 Kansas (ity 4(58 225,475! 1,415 94,005 82 13,219 1,905 332,699 107 27,087 6,908 2,125 2,132; 306,094 365, 594! 327 333! 1,400 1,434 Dem er 150 40,430] 355 33,678 27 3,954 533 84,008 87 16,879 10,870 660 635! 111,817 97,029, 161 161 i 240 2J6 Oklahoma City. 09 47,0091 l,0!9 74,363 11 1,2811 1.099 122,653 52 7,373 7,813! 1,172 1,110 137,839 126,459 419 4081 409 434 Omaha 120 58,488 017 35,670 28 3,608; 2 706 2 98, 131 45 5,842 4,859| 831 790! 108,832 103,375 217 250| 881 912 162; 106 Dallas 247 130,835 1,382 163,394 32 5,359 1,061 299,588 71 9,071 5,545 1,780 1,003 314, 204 237,038 061 681 698 754 65; 42 II Paso 52 15,329 134 10, 328! 16 1,583 202 27,240 13 1,975 590 222 213! 29, 805 23,702 62 66 55 61 Houston 7ft 42,278 40' 31,635 15 1,467 4X8 75 ''-80 15 2,888 1,308 507 483 79,636 68,198 140 135 250 257 San Francisco 309 420,573, 772 57,0721 69 41,998i 1,150 520,243 29 3,128 4,219 1,215 839 527,590 268,300! 188 20! 265 273. Los A ngeles 491 221,503 1,82! 134,810] 56 16,310, 2,308 372,683 101 15,566 10,027 2,527 1,949 398,270 260,623! 157 170 198 180. Portland 72 92,740 261 14, 897 21 4,069] 354 111,706 0 2,565 5, 737 400 373 120,008 59,542 137 133 134 28 Salt Lake City. 62 36, 135! 451 25, 799 17 3, 124 530 65,058 13 2,158 1,428 555 494 68,044 57,172J 157 160 100 1041. Seattle 117 52.561J 206 20.607! 32 6,355! 415 79,523 24 6,273 6,074 480 473 92,470 77, 291 66 60 93 92 . Spokane 44 20,031 218 10,40! 12 2,386 274 32,818 15 3,288 2,103 307 286 38,209 33,740 109 107| 147 154. Total: June.. 11,547 12,611,097 39,63 4,117,412 2,741 411,872 253,9*5 '17,148,429 3,945 749,287 835; 187,487 58,710 55,01818,085,183 13,500,975! 9,933 9,927 17, 589 17,889 2,310 2,275 ay.. 11,171 12,545,938 39,188 4,096,169 3,160 416,404 53,537 17,065,855 3,971 748,801 816 201,581158,324 53,266 18,010,217 12,807,582; 9,927 9,909 17,643 17,918 2,279 2,280 I 1 Incorporated banks other than mutual sai ings banks. 2 Includes items drav n on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 11,000 items, $1,848 000; Minneapolis, 5,000 items, $5,235 000- Omaha, 1,000 items, $365,000. Total, 17,000 items, $7,448,000. NOTE.—Number of business days in period for Richmond, Atlanta, Birmingham, Jacksonville, Nashville, Memphis, Dallas, El Paso, and Houston was 25, and for other Federal reserve bank and branch cities, 26 days. CO

SO

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 970 FEDERAL RESERVE BULLETIN. AUGUST, 1923.

DEPOSITS OF ALL MEMBER BANKS. [In thousands of dollars.]

Deposits of banks in cities having a population of—

Total. Less than 5,000. 5,000 to 14,999. 15,000 to 99,999. 100,000 and over.

May 23, June 27, Mav23, June 27. Mav 23, June 27, Mav 23, June 27, May 23, June 27, 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923.

TIME DEPOSITS. System S8,334,471 18, 452,897 $1, 479,695 SI, 525, 672 $917, 787 S928, 862 $1, 706,975 $1,7)6,627 $4,230, 014 %i, 281, 736 570, 246 573 576 45,882 45,845 60.295 62, 691 143,916 138,084 320,153 326, 956 New York 1,664,054 1 711,058 208,657 233, 571 129, 772 130, 553 326,691 323, 893 998,934 1, 023,041 Philadelphia 589,401 604 822 193 214 195 583 97, 057 98 415 169,396 174, 377 129,734 136,447 Cleveland 1,044,132 1, 058,044 167,135 169,214 119,879 121,767 163,107 166,728 594,011 600, 335 433 821 430 426 123 612 125 196 77 139 76 968 124 959 122,958 108,111 105, 304 Atlanta i 3fi8.513 318 831 49 118 48 271 43. 503 44 517 111 763 117, 494 104,129 108, 549 1 510 730 1 523 014 230 733 235 515 135 893 136 826 343 131 345 945 800 973 804,728 St. Louis 361 382 370 379 62 16S 65 6'1 37 485 40 042 61 271 63,159 200,45S 201.557 Minneapolis.. 407,415 410,450 195,051 198,656 95.103 94,794 57.339 58,298 59 922 58,702 Kansas Citv 295,432 299,657 91,394 93,661 57.737 58,110 63, 240 62, 857 83.061 85,02E 139 612 51 278 50, 897 48,806 50,4,01 Dallas. 141 251 17 902 18 261 21 626 21 692 2 San Francisco... 1,009.733 1,011,389 94, S29 96,278 42,298 42,487 90,884 91,937 1781,722 780,687 NET DEMAND DEPOSITS.

System 15,926, 897 16,041,204 1,600,150 1, 584,610 1,070,027 1,064,716 2,060,199 2,054,058 11,196,521 11,337,820 Boston.... 1,252,074 1 232 669 40 332 40,568 65 766 66 219 196 329 196,764 949,647 929,111: New York 5,351,594 5,616,134 159,192 162,698 104,082 103, 843 271,770 278,675 4,816, 550 5,070,911 Philadelphia 1 077 817 1 060 842 126 631 127 322 74 550 74 577 129 647 128,486 746,989 730,457 Cleveland 1,407,879 1,414,338 156,960 157.934 126,148 128,157 195,903 195, 539 928, 86S 932.708 Richmond 550 022 ' 542 505 96 462 94 753 63 328 62 204 152 755 152,457 237,477 23*,091 Atlanta 502 391 488 298 75 660 69 321 62 541 60 942 160 764 155,463 203,426 202,572 Chicago 2,184,854 2,129,969 204, ISO 198,363 122,236 118, 786 360,748 353,142 1, 497, 690 1,459,678 St. Louis 664 250 651 351 126 667 125 606 78 645 77 574 87 530 88,902 371,408 359,26E Minneapolis.. 410.605 405,877 109, 441 109,0S1 77, 233 73', 906 70,640 74, 621 153, 291 146,26E Kansas City 782,763 783,547 191,703 192,194 125. 237 128,071 178,983 181, 747 286, 840 281, 535 Dallas.. 5!4 274 496 227 145 741 139 013 86 847 84 832 113 985 109,330 167,701 163,052 San Francisco.... 1,228,374 1,219,447 167,181 167.757 83,414 83,605 141,145 138,932 i 836, 634 2 829,15?

1 Includes 5 banks with scattered branches having combined deposits as follows: Net demand, ?265.211,000, and time, $407,234,000. 2 Includes 5 banks with scattered branches having combined deposits as follows: Net demand, $261,730,000, and time, 8415,761,000. MONEY IN CIRCULATION, JULY 1, 1923. [Source: United States Treasury Department circulation statement.]

Monev held Money in circulation. by "the Stock of money United States in the Treasury and United States. the Federal re- Amount. Per capita. serve system.

Gold coin and bullion 1 J4,049,150,897 $3 645,221,302 $403,929,535 $3.63 2 (737 014 159) 350,558,070 386,456,089 3.47 Standard silver dollars 491,889,464 434,625,938 57,263,466 .52 Silver certificates 2 (411 692 423) 47,434 442 364,257,981 3.28 Treasury notes of 1890 2 (1,461 383) 1,000 1,460,383 .01 Subsidiary silver 269,159,681 21,878,642 247,281,039 2.22 United States notes 346 681 016 43,9:J1 565 302,749,451 2.72 Federal reserve notes 2 676 902,380 441,555,890 2,235,346,490 20.09 Federal reserve bank notes 22 083 000 2 113 797 19 969,203 .18 National bank notes 747,439,719 36,363,829 711,075,890 6.39 Total 8,603 306 097 35,023,684,535 4,729,789,527 42.51 Comparative totals: June 1,1923 8 536 623 659 3 4,963,433,474 4,705,923,399 42.34 July 1, 1922 8,177,477,105 3 4,804,039,673 4,374,015,037 39.86 November 1, 1920 8,326,338,267 3 3 394,764 761 5,628,427 732 52.36 April 1, 1917... 5 312 108 272 33 896,318,653 4,100,590,704 39.54 July 1,1914 3,738,288 871 3 1 843,452,323 3,402,015,427 34.35 January 1,1879 1,007,084,483 3 212,420,402 816,266,721 16.92

1 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 2 These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. • Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this * tatement are shown in parentheses in the first column.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis AUGUST, 1023. FEDERAL RESERVE BULLETIN. 971

GOLD AND SILVER IMPORTS AND EXPORTS.

IMPORTS INTO AND EXPORTS FKOM THE UNITED STATES, DISTRIBUTED BY COUNTRIES.

Gold. Silver.

Twelve months ending Countries. June— Twelve months ending June— June— June—

192: 1923 1922 1923 1922 1923 1922 1923

IMPORTS. Denmark 089 626 $18,924,110 $1, 115,469 $844 $987 France 667,019 J 712.199 129,650,473 22, 391,027 $7,223 ,.$57,236 245,113 215,167 Germany. 12 699,999 19,924,893 26, 918,284 18,045 87,507 5, 744,385 145,332 Greece 5,003 4, 798,294 21 156 Netherlands 62, 875 4,186,976 15 957,122 1 669 Norway 1 132, W> 7, 883,187 543,592 7 767 11 732 Spain... 6,244 330,167 60,026 158 12, 282 71,955 117,954 Sweden 15 851 55,294,298 1 329 788 1 964 1 180 United Kingdom—England.., 4 008 638 1 -149, 5-17 124,503,143 139, 162,159 10, 882 53,037 181,987 257,069 Scotland.. 151 320 151,320 2 560 382 Canada 388 rrfi-t 173,894 19,509,099 34 254,897 550, 362 398,477 3 872,923 7,363,694 Central America 297 638 473, 501 6,173,833 2 983 503 204, 103 286,837 1 706,562 1,716,422 Mexico. . 594 106 375,045 5,842,318 5, 505,541 4, 519, 223 3,499,327 48 154,597 41,292,951 West Indies . C-oi 3,658 3 670 O()9 552 412 •7f> 717 7 450 654 183 212 399 Bolivia. 079 3,478 25,401 9,791 220! 490 66; 480 1U, 180 766,728 Chile 233 605 16,610 659, 233 185,416 67, 314 126,570 1 469,192 1,701,931 Colombia 409 %« 301,028 9,251 464 269 769 I7 673 9 978 235 009 176 581 Peru 137 758 272,2S3 1,714,696 897,765 776, 875 1,283,926 6 734,878 9,669,264 Uruguay 4 112 636 8 959 3 385 25 347 5 552 Venezuela.. -15 561 48,661 1,036,316 616,600 1, 199 ' 40 2,836 1,968 China 116 oo; ooo 7 340 884 7 513 517 16 3 057 17 889 British India.. 14 863 765 Dutch East Indies 77 818 153,514 1 700 488 1 938 595 17 640 61 8P 53l'815 742 628 Philippine Islands 60 428 7U>79 1,174,067 i 168,173 1, 140 '801 17^409 16,931 British Oceania...... 189 885 148,623 13 011 302 i 713 278 136 302 1 793 2 030 Egypt 7 210 097 3 271 242 '227 12 730 Portuguese Africa 254 171,602 500,417 795,976 9 362 14,863 42,845 199,997 All other 94 988 229, 059 9,668.478 1 567,973 14 180 95,637 250,043 276,753 Total .... 12, 976 636 19 433.539 468,318,273 284 089,550 6, 345 744 6,065,947 70 684,298 64,947,025 EXPORTS. France 2 660 000 Netherlands.. 19 000 1,645 Spiin 30 000 500 73'' 200 20 500 1 500 Sweden 2 721 013 1 200 Switzerland ? 521 10 426 10 245 1 372 633 United Kingdom—England... 151 355 788 505 99 720 11 790,722 7 763 793 Canada 69 368 81,148 2,373.040 22 192,021 123, 472 148,876 4 491,258 1,747,736 Central America 12 V>7 o 500 11 700 11 043 22 294 Mexico 419,885 376,960 5,305.513 5 032,034 171 876 194,224 2 205,162 1,918,807 West Indies 2 000 5 350 899 1 066 798 39 266 57 909 Colombia. 500,000 ?•* 000 795 703 10 000 649'000 China 90 000 420 905 2 089 1 793 774 19 557 838 23 143 712 British India... 100 •100 20,000 5,519,339 13 431,518 440 719 '829^749 0 528,041 13^607^649 Dutch East Indies 40 000 300 010 135 010 French Indo-China.... 3 168 000 Hongkong 893 180 39,450 10,025 595 3 030,270 1, 759 624 201,900 11 845,174 7,289,897 All other 42 400 280 850 56, 530 o 570 300,340 1 613,470 340,814 Total 1,600 754 548, (84 27,345,282 49 021,975 6 004 421 3,581,081 62 694,677 55,906,956

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 972 FEDERAL RESERVE BULLETIN. AUGUST, 1023.

GOLD SETTLEMENT FUND.

INTERBANK TRANSACTIONS FROM JUNE 22, 1923, TO JULY 19, 1923, INCLUSIVE. [In thousands of dollars.]

Changes in ownership of Transfers. Daily settlements. gold through transfers and settlements. Balance in Federal Reserve Bank. fund at close of period. Debits. Credits. Debits. Credits. Decrease. Increase.

Boston 11,400 900 606,631 626,899 9,868 52,206 New York 36,100 16,400 I 2,021,715 1, 971, 816 69,599 196,747 Philadelphia.. 3,000 3,000 | 598, 802 609,950 11,118 22,402 Cleveland 4,000 700 ' 582,026 602,160 16,834 86,824 Richmond.... 3,500 4,400 ' 517, 886 519,056 2,070 26,409 Atlanta 2,000 I 201,70! 209,323 6,619 21,105 Chicago 11,500 7,600 1,00S, 108 1/018, 298 8,290 109,154 St. Louis 1,500 1,500 417,770 421,811 4,041 19,601 Minneapolis... 1,000 1,500 127,971 12S, 259 788 22, .528 Kansas City... 1,000 20,000 315.061 310,310 20,219 53, 730 Dallas 2,000 | 16»; 441 16J,077 2,761 4,230 San Francisco. 500 7.500 ! 251,850 217,305 7,544 34,099 Total 4 weeks ending- July 19, 1923 73,500 73,500 6,829,965 6,829,965 79,907 79,907 649,035 June 21,1923' 158,050 158,050 6,819,205 6,819,205 694,763 July 20,1922 31,000 31,000 5,720,612 5,720,012 487,138 June 22,1922 129,000 129,000 5,788,399 5,788, 399 529, 732

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JULY 31, 1923.

Paper maturing—

After 90 days, After 6 but Within 90 days. but within 6 within 9 months. months. Federal reserve bank. Commercial, Secured by agricultural, United States Bankers' Trade Agricultural' Agricultural and live-stock Government acceptances. acceptances. and live-stock and live-stock paper, n. c. s. obligations. paper. paper.

Boston 44 44 44 44 New York 4* 44 44 44 44 Philadelphia.. 41 44 44 44 44 5 Cleveland 4* 44 44 44 44 44 Richmond 44 44 44 44 44 44 Atlanta 4* 44 4A 44 44 44 Chicago 44 44 44 44 44 44 St. Louis 44 44 44 44 44 44 Minneapolis.. 4i 44 44 44 44 44 Kansas City.. 4h 44 44 44 44 Dallas 4| 4h 44 44 44 44 San Francisco 44 44 44 44 44 44

1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis DISCOUNT AND INTEREST RATES.

Discount and interest rates during the 30-dav period ending July 15, loans, in some western cities, were generally higher. In almost all cases 1923, in the various cities in which the Federal reserve banks and their the rates showed an upward tendency. branches are located, showed relatively little change from the preceding The actual discount and interest rates prevailing during the 30-day period. Rates for open-market commercial paper and collateral loans were period ending July 15, 1923, in the various cities are given in the following slightly higher in some cities, but unindorsed bankers' acceptances de- table. A complete description of the several types of paper for which manded lower rates in a few centers. Compared with the 30-day period quotations are given will be found in the September, 1918, and October, ending July 15, 1922, rates on all types of paper with the exception of loans 1918, FEDERAL RESERVE BULLETINS. of three to six months' duration on stock-exchange collateral and cattle

DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING JULY 15. 1923.

Bankers' acceptances, Prime commercial paper. 60 to 90 days. Collateral loans—stock exchange. Ordinary loans to Interbank c n, I Secured by customers District. City. Customers'. Open market. loans warehouse loans. ioan». receipts. secured by Unin- 3 to 6 Liberty Indorsed. dorsed. Demand. ; 3 months. month bonds. 30 to 90 4 to 6 I 30 to 90 4 to 6 days. months. ! days. months. a pi L. C. H. i. C. 1II. L. C. II. h. C. II. L. C. II. L. C. H. L. C.i II. L. C. II. I. C. Boston > 5 54 5 5 ih\ 5 5 H. L. a 5 j 6 54 5| 5 4J 5 No. 1.. 5i 5 5 *i H 4| No. 2.. Now York i i 5-54 64 -If 5J-54, »1 5 5-51 6 4| 5-51 :5-5i i 6 5 51 54 44 5 Buffalo j 6 6 5 0 1 54 5 5-51 6 5 6 6 +i 4J i 6 5 fi" 6 No. 3.. Philadelphia 6 5 51 , 5 5 51 5 6 5 5 5 41 5 ; 6 5 54 4| 5 No. 4.. Cleveland 5 S 7 5 6"! 6 4io 41 41 41 6 8 5 6 6 6 Pittsburgh 5 6 5 0 I j O O O 6 6 6 41 4 4J 6 6 6 t 5 5 5 4i 11 H 6 5 6

1 Rates for demand paper secured by prime banker's acceptances—high, 51; low, 4; customary, 44. -a CO

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis /tNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK FOR THE SIX MONTHS ENDING JUNE 30, 1923. CD EARNINGS.

Philadel- Minne- Kansas San Total. Boston. New York. phia. Cleveland. Richmond. Atlanta. Chicago. St. Louis. apolis. City. Dallas. Francisco.

Discounted bills $14,247,906 81,042,520 $4,134,752 $1,290,977 J918,957 $1,165,560 $553,086 $1,785,134 $592,636 $479,200 1659,264 $486,768 $1,139,052 4,782,005 359,612 886,768 493,622 828,774 28,164 361,689 541,438 233,563 30,721 5,540 359,993 652,121 5,470,352 319, 209 789,487 559, 717 517, 600 23,925 . 74,292 882,141 452,726 284,933 748,593 183,248 634,481 Deficient reserve penalties 207.748 3,897 17,613 5,571 13,122 37,412 16,328 16,345 18,781 38, 713 13,529 17,447 8,990 114,098 i 13,608 2,815 8,219 22,440 5,420 6,429 50,741 i 22,776 10,742 65,121 12,272 i 33, 717 Total earnings 24,822,109 1,711,630 5,831,435 2,358,106 2,300, 893 1,260,481 1,011,824 3,275, 799 1,274,930 844,309 1,492,047 1,059,728 2,400,927

CURRENT EXPENSES.

Salaries: Bank officers $1,244,481 $69,750 $240,355 $65,750 $112,592 $83,650 $88, 641 $167,873 $79,956 $55,847 $66,038 $131,062 Clerical staff 7,115,496 451,679 1,988,753 497, 287 515, 220 371,617 212,999 976, 642 380, 518 235, 560 429,492 314,907 740, 822 All other 1,223,994 72,714 263,693 79,556 126,200 54,006 34,466 237,426 38,259 26, 284 105,862 74,879 110,649 Governors' conferences 3,616 190 387 145 198 159 302 505 243 314 278 341 556 Federal reserve agents' conferences 132 132 Federal advisory council 6,723 318 325 552 464 610 618 625 725 390 250 1,450 Directors' meetings 73,359 3,586 10,592 2,912 4,177 3,351 12,551 4,690 6,184 4,836 12,248 2,841 5,401 Traveling expenses2 148,957 5,442 13,952 7,876 10,587 10,556 7,852 { 18, 810 15,924 15,079 8,522 14,220 20,137 Assessments for Federal Reserve Board expenses 325,539 24,439 88,488 28,076 35,204 16,883 13,251 45,170 14,492 11,008 14,111 11,589 22,828 Legal fees 17,991 1,303 2,730 1,365 832 185 6,641 2,925 279 1,145 Insurance (other than on currency and security shipments) 193,677 14,147 37,563 8,677 13,649 13,136 12, 661 19, 908 7,953 14,193 18, 507 13,959 19,324 Insurance on currency and security shipments 254,883 33,067 46,095 42,631 34,208 15,434 10,966 27,655 8,418 5,030 8,060 8,017 15,302 Ta' es on banking house 279,963 49,400 15,941 11,036 8,246 20,394 9,932 115,361 1,224 780 29,738 16,353 1,558 Light, heat, and power 130, 817 13, 061 12,328 15,043 5,456 6,354 4,571 30,140 1,754 1,057 27,774 11, 275 2,004 Repairs and alterations, banking htmse 112,961 2,767 861 13,196 1,085 4,505 1,190 61,296 76 97 23,080 4,586 222 Kent 434,726 12,842 171,736 1,417 79,057 535 11,410 22,692 34,954 24,712 14,803 622 59,946 Office and other supplies 292,208 14,740 40,703 24,698 23,537 13,852 13,914 74,811 10,454 13,603 20, 824 15,034 26,038 Printing and stationery 374,341 33,510 46,533 33,360 32, 895 23,523 23,945 59,694 13,359 21,575 25,043 20,396 40,508 Telephone 102,800 10,544 23,347 14,918 8,402 2,973 2,490 15,327 3,360 3,488 3,892 6,044 8,015 Telegraph 291,713 3,948 32, 268 10,528 18,616 19,258 36,430 31,150 22,326 12,627 36,286 25,307 42,969 Postage 838,751 76,589 118,455 71,131 77,208 62,648 47,081 98,049 62,500 46,368 70,339 44,432 63,951 Expressage 184,327 16, 248 41,791 23,220 10,311 12,127 11,429 28,163 6,727 3,796 5,015 10,852 14,648 Federal reserve currency: Original cost, including shipping charges 946,490 146,049 335,445 132,688 90,978 2,433 75,137 28,559 2,944 31,782 3,269 3,839 93,367 Cost of redemption, including shipping charges 196,499 22,073 45,973 19,186 22,272 12,238 10,473 26,593 3,153 6,730 6,622 3,674 17,512 Taxes on Federal reserve bank note circulation 6,040 103 1,159 3,518 1,260 AD other expenses, n. s 311,537 15,836 54,749 16,820 18,954 11,757 16,606 74,159 13,227 18,190 28,230 17,428 25,581 Total current expenses 15,112,031 1,092,939 3,631,051 1,121,850 1,252,332 763,218 659, 842 2,166, 450 728,815 560,322 981,795 688,422 1,464,995

RECAPITULATION.

Earnings $24,822.109 $1,711,630 $5,831,435 $2,358,106 $2,300, 893 $1,260,481 $1,011,824 $3,275,799 11,274,930 $844,309 $1,492,047 $1,059,728 $2,400,927 15,112, 031 1,092,939 3,631,051 1,121,850 1,252,332 763,218 560,322 181, 795 688,422 1,464,995 a Current expenses 659,842 2,166,450 728, 815 Current net earnings 9,710,078 618,691 2,200,384 1,236,256 1,048,561 497, 263 351,982 1,109,349 546,115 283,987 510,252 371,306 935,932 Dividends paid 3, 258, 782 242,347 869,264 286,681 358,163 169,970 131,839 448,805 147,083 107,128 138,525 125,642 233,335

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BEIMBUKSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT.

Expenditures, Jan. 1 to June 30,1923: J915,056 149,012 $96,405 $58,659 $146,054 $13,356 $36,005 $177,097 $50,076 $86,197 $107,739 $29,068 $65,388 All other 456,288 9,495 229, 279 19,532 64, 577 7,359 8,266 41,619 12,878 23,903 15,514 9,654 14,212 Amounts reimbursable Jan. 1,1923... 368,243 25,491 110,312 14,377 34,728 6,360 8,749 39,741 25,168 28,032 33, 782 6,674 34, 829 Total 1,739,587 83,998 435,996 92,568 245,359 27,075 53,020 258,457 88,122 138,132 157,035 45,396 114,429 Reimbursements received during 1923. 1,551,154 78,035 384,081 79,171 224,424 23,473 44,668 234,112 76, 011 113, 203 145,147 40,931 107,898 Balances reimbursable July 1, 1923 188,433 5,963 51,915 13,397 20,935 3,602 8,352 24,345 12, HI 24,929 11,888 4,465 6,531

i Credit. 2 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.

4 S3 O

Ox

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FOREIGN EXCHANGE RATES.

[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX.

Index (per cent of Low. High. Average. par).' Par of Monetary unit. exchange. July. June. July. June. July. June. July. June.

General Index 68 66 Belgium franc.. 19.30 4.7700 3.1100 5.0300 5. 6100 4. 8824 5.3985 25.30 27.97 Denmark Krone.. 26.80 17.1600 17. 5300 17.9000 IS. 5100 17.5416 17.9573 65. 45 67.00 France i ranc.. 19.30 5.7900 6. 0500 5.9800 6.5000 5.8905 6.3012 30.52 32.65 Great Britain Pound. 486.65 455. 2700 458. 0000 460.5800 402.9500 458.3385 461.4681 94.18 94.83 Italy Lira 19.30 4.2100 4.3900 4.4100 j 4.7000 4.3260 4.5746 22.41 23.70 Netherlands florin.. 40.20 39. 0800 39. 1500 39.4300 39. 2600 39.2296 39. 2012 97.59 97.52 Norway Krone.. 26.80 16. 0100 18.3700 16.3200 16.9200 16.2040 16. 6396 60.46 62.09 Spain Peseta.. 19.30 14.1900 14. 4900 14. 5000 15. 0)00 14.2972 14.9242 74.08 77.33 Sweden Krona.. 26.80 26.4000 26. 4700 26.7000 26. 6600 26.5316 20. 5596 99.00 99.10 Switzerland Franc 19.30 17.0800 17. 6300 17.9200 18. 0600 17.5536 17. 9404 90.95 92.96 I Canada Dollar.. 100. 00 97.0541 ; 97.5078 97. 7257 97. 9000 97.4204 97.6578 97.42 97.66 Argentina. Peso (gold) 96.48 76. 4500 ; 78. 9-100 80.0700 81.6100 77. 7376 80. 4669 80.57 83.40 Brazil Milreis 32. 44 10.1500 10.1300 10. 8900 10. 9700 10.3685 10. 4254 31.96 32.14 Chile Peso (paper).. 2 19. 53 12.2700 12.9900 13.0700 13.6S00 12.6340 13.4012 64.09 68.62 China. Shanghai tael. 2 66. 85 69.3500 70.5100 70. 6800 72.8900 70. 0292 72.1746 104.76 107.96 India.. Rupee 48.66 30.5600 ! 30. 7600 30.9500 31.0700 30. 8036 30. 9919 63.30 63.69 Japan. Yen 49.85 48.6500 | 48.8900 48.9000 ! 49.2200 48. 7892 49. 0450 97.87 98.39

OTHER COUNTRIES.

20.20 0. 0014 0. 0014 O.OOU 0. 001 i 0.0014 0. 0014 0.01 0.01 Lev 19.30 1.0992 1.0414 1. 2450 1.2900 1.1850 1.1749 6.14 6.09 2.9578 2.9S1S 3. 0247 3. 0061 2.9971 2.9931 Finland Markka.. 19. 30 2. 75°5 2. 7533 2. 7850 2.7775 2. 7677 2.7691 14.34 14.35 Germany Reichsmark 23.82 . 000088 . 0006 . 0003 .0015 . 00034 .0010 .0014 .004 19.30 1. 7288 2. t)l-*9 3. 0273 •i. 0943 2.5463 3.0975 13.19 16.05 Greece... . Drachma . 20. 96 .0039 .0099 .0118 . 0189 .0097 .0140 .048 .07 Poland. .. .00048 .0007 0003 . 0019 . 000724 .0013 108. 05 4. 0100 4. 4300 i. 4200 5. 0300 4.2140 4.6604 3.90 4.31 19. 30 . 5059 . SOU 5201 . 53 JO 5177 .5168 2.68 2.68 Yugoslavia... Dinar. . . . 19.30 1.0481 1. 0867 1.1075 1. 3010 1. 060S 1.1484 5.53 5.95 Cuba Peso . .. . 100.00 99. 8844 99. 9S25 99.9750 99. 9938 99.9303 99.9753 99.93 99.98 .do 49.85 48.2656 48. 2969 48.4844 48. 5U7 18.3692 48.3721 97.03 97.04 .do .. . 10i. 42 76.26O0 7S. 9600 81.6100 82. 4500 79.1884 80.8192 76.57 78.18 China » 48. 11 50.3300 50.9S00 51.4000 52. 6900 50. 8260 52.1315 105.65 108. 36 Dollar. . 2 47. 77 51. 5800 52. 2000 52. 4300 53. 8800 52.0350 53. 2085 108. 93 111.38 Straits Settlements 56.78 52.5000 53. 3300 53. 6700 54.0000 53.2684 53. 8458 93.82 91.83

1 Based on average. 21913 average. SILVER. [Average price per fine ounce.]

July. June.

London (converted at average rate of exchange). $0.63893 $0.65677 New York . 63383 .65194

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FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES.

ENGLAND. [Amounts in millions of pounds sterling.]

Note accounts and Bank of England de- Nine London clearing Government Discount rates. posits. banks.' floating debt. I- i er - g •s 11 itr f• 22 2 \~S C "* d 1-2 c5 o :o i 31 ' a M s § s a Average of end of month Per I Per figures: cent. I cent. 1913 38 29 57 1,370 15 4H 21 1920 140 103 348 147 3.252 1,078 219 i 1,297 6} 6A 40 99.8 1921 157 108 327 136 97 1,176 309 1,768 2,911 1,139 183 1 1,322 33 99.2 110.1 1922 156 103 296 130 107 1,068 372 1,727 3.097 796 165 961 49 111.7 120.8 1922, end of— July 154 104 296 122 110 1,056 386 1,730 3,236 755 159 914 1 43 114.4 120.3 August 154 103 293 124 105 1,020 390 1,688 2,885 715 153 868 la 21 114.7 121.3 September 154 101 2S9 121 104 1,007 381 1,660 2,690 724 148 872 ! 2," 7 114.0 122.7 October 154 101 287 125 105 1,033 370 1,6% 3, 124 740 179 919 2 31 115.1 123.0 November 154 102 288 121 1,031 365 1,667 2.9X9 I 732 179 911 21 19 114.1 124.6 December 154 104 30i 133 1,030 360 1,684 2.769 719 222 941 2i 15 113. 2 125.8 1923, end of— January 154 101 280 j 121 108 1,016 3A7 1.692 3,262 ! 713 206 922 2 21 34 114 2 123.4 February 155 102 279 I 131 103 1.023 349 1.614 3.006 698 154 852 2 2f 19 115.3 126.0 March 1">"> 102 286 133 104 mi 333 3,315 616 194 810 1« 2* 39 US. 4 126.0 April 155 100 284 123 100 994 327 l'.6O6 3. 339 589 201 790 34 119.0 124.0 May 1~5 102 287 119 109 1,005 325 1,608 3,067 592 184 776 36 118.0 123.8 Jurie 155 103 2X7 12S 113 1,018 331 1,638 604 206 819 IS 38 118.0 124.6 July 155 103 289 120 596 207 803 2} 198 I '• Held l.y the Bank of liagland and by the Treasury as note reserve. * Statist. 2 Less notes in curreucv notes account. ' Bankers Magazine. 8 Average '-veekly ligures. 6 Excluding Germany. FRANCE. (Amounts in millions of francs.]

New stock and Bank of France. Savings bond issues. Price of Average banks, 3 per daily excess of War cent per clearings deposits advances Note petual of the <+)or Average Gold Silver toihe circu- Total rente. Paris with- Value. rate of reserve.! reserve. Govern- lation. deposits. banks. drawals return. ment. <-)•

Average of end of month figures: 1913 3,343 629 5,565 830 86.77 59 —65 1920 3,586 253 26,000 38,066 3,527 57.34 554 +48 702 1921 .. . 3,568 274 25,300 37,404 2,927 56.56 550 +67 1,100 6.70 1922 3,597 285 23,042 36,177 2,307 58.48 525 +53 574 6.4] 1922, end of— July.... 3,582 285 23,000 36,050 2,432 58.25 56i +62 485 6.02 August 3,583 286 23,900 36,385 2,170 60.10 512 +66 151 6 32 3,5X4 287 24,000 86,603 2,199 61.10 484 +58 636 6.36 3,635 288 23,600 36,694 2,170 58.25 556 + 17 421 6.41 November 3,636 289 22,900 36,114 2,184 59.00 783 +43 179 6.5V 3,670 289 23,600 36,359 2,309 59.02 630 +33 1,453 6.22 1923, end of— 3,671 290 23,100 36,780 2,208 58.00 726 +44 160 6.57 3.671 291 23,200 37,055 2.279 58.65 792 +64 3,848 6.11 March 3.672 292 23.100 37,188 2,066 57. 25 755 +44 315 6.26 Apnl 3,672 292 22. 500 36,548 2.116 57.70 761 —22 401 6.32 Mav 3.673 292 23,000 36.741 2,200 57.85 6X(i + 14 80S 6.40 3,673 293 23.100 36.6s9 2,162 55.90 +22 Julv 3,674 294 23,000 36,929 2,072

1 Not Including gold held abroad.

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ITALY. [Amounts In millions of lire.]

Banks of issue Leading private banks.'

Reserve. Note Loans Index circulation. and num- Loans dis- Due bers of and Total counts from Par- Total security For ac- i For de- Cash. includ- corre- | tictpa- de- 1 dis- count ! ac- posits. ing spond- 1 tions. posits. prices. Gold. Total. !COUDts- of count treas- ents. com- of the ury morce. State. bills.

I Average of end of month figures: 1913 3 1,375 1,661 857 2,284 318 129 1,093 914 55 1,674 1920 1,043 2,088 6, 335 7,035 10,581 2,474 1,308 10,594 5,945 446 15,810 1921 1,074 2,020 7, 586 9,304 9,064 2,475 1,200 10,677 5,575 465 16,001 1922 1,120 1,998 9, 466 9,734 8,214 2,759 917 8,594 3,265 318 11,810 102.83 1922, end of— May 1,104 1,963 9,391 9,259 8,061 2,751 841 8,500 3,232 316 11,698 98.62 June 1,106 1,976 9,573 ! 9,615 8,049 2,935 845 8,800 3,180 318 11,863 100.13 July 1,125 1,991 9,118 9,947 8,050 2,681 861 8,846 3,272 I 337 11,896 100.22 August 1,125 2,024 9,142 j 9,695 8,050 2,779 763 8,877 3,286 337 11,883 104.56 September 1,125 2,024 8,858 9.924 8,056 2,661 769 8,706 3,460 337 11,""" 107.42 October 1,136 2,039 9,082 9, 782 8,075 2,638 781 8,659 3,568 339 i 11,960 111.09 November 1,141 2,034 8,fi80 9,892 [ 8,074 2,634 7S1 8,797 3,554 I 338 j 12,045 117.01 December 1,126 2,042 9,345 I 9,935 | 8,076 2,602 982 9,166 3,467 23""4• 12,267 116.33 1923, end of— January 1,126 2,021 8,,552 i 9, 389 8,057 2,610 831 9,185 3,573 225 12,327 135.19 February 1,127 1,994 8, 572 9, 117 8,036 2,675 850 9,196 3,547 226 12,332 137.16 March 1,129 1,983 8, 478 ! 9, 001 8, mi 2,488 775 9l 163 3,597 229 12,363 140.30 A pril 1.129 1,983 10, 102 : 8, 661 8,024 2,461 753 9,271 3,537 230 12,388 153.94 May 1,130 8. Sol 8. 525 7,763 2,350 150. 77

1 Includes Banca Commerciale Italiana, Credito Italiano, Banco di Roma, and until November, 1921, Banca Italiana di Sconto • Figures for 1921 based on quotations of Dec. 31,1920=100; those for 1922 on quotations of Dec. 31, 1921 = 100. 3 End of December figures. GERMANY. (Amounts in millions of marks.)

Index of security Reichsbank. Value of 1 new stock prices. Dariehn:-- and kasseu- Treasury bond Discounts. seheine bills out- issues Total in circu- standing. placed 10 do- Gold Note cir- Total clear- lation. on Ger- 25 mestic reserve. culation. deposits. Treasury Commer- ings. man stocks. bonds. bills. cial bills. market.

Average of end of montu figures: Per cent. Per cent. 1 068 1,958 66S 6,136 '220 1920 1.092 53,964 17,702 47, 980 57,898 ii 145 1,056 80,952 20,213 83, 133 Hi), 297 8,861 192,832 2,655 1922 1,002 339,677 108,633 33S, 147 72,211 530,647 11,217 475,835 6,726 1922, end of— 004 169,212 37,174 186,126 4,752 191,414 10,374 311,600 2,762 & 106 005 189,795 39,976 207 858 8,122 243,493 12,234 307,810 2,330 1.005 23K,147 56,124 249,766 21,701 374.856 13,383 331,000 2,4)8 1,005 316,870 110,012 349,770 50,234 473,715 13,995 451,000 7,937 169 105 1 005 469,457 140.779 477 201 101,155 7*9.341 14,009 614,000 7,187 1,005 754,086 240,969 672,222 246,949 1,463,766 13,S09 839,000 ' 15,223 1,334 312 1,007 1,280,098 530,526 1,184,464 422,235 2,078,969 13,450 1,495,000 21,315 1,378 322 1923, end of— 1,005 1.984,496 762,264 1,609,081 697,216 3,826,206 13,395 2,082,000 33,549 4,688 726 1 005 3,512,788 1,582,981 2.947,364 1,829,341 7,444,323 12,625 3,588,000 65,563 3,664 725 March 1,005 5,517,920 2,272,084 4,552,012 2,372,102 7.257,60S 12,600 6.601,000 540,198 3,837 694 April 920 6,545,984 3,854,275 6,224,899 2,986,117 8', 177,378 12,491 8,440,000 61,275 6,266 696 May 758 8,563.749 5,063.070 8.021.905 4.014,694 13,345,002 12,378 10,274,850 115,813 16,451 1,221 June - 7'7 17,291,001 9,9J2,717 18,338,177 6,914,199 28,375,345 12,239 22,019,623 84,861 5,338

1 End of March, 1913. 2 Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating the five bonds in foreign currencies.

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SWEDEN. [Amounts in millions of kronor.]

Riksbauk. Joint-stock banks. Value of Index stock Index number Bills dis- ' issues number of foreign Gold coin Note cir- Total registered of stock exchange and Clearings. Loans and counted during prices. value of bullion. culation. deposits. discounts. with Riksbank. month. krona.

Averages of end of month figures: 1913' 102 235 108 585 2,287 139 258 1920 269 733 226 3,596 6,008 476 176 112.9 1921 280 661 193 2,715 5,948 389 121 121.8 1922 274 579 269 2,109 5,317 340 103 128.4 1922, end of— June 274 585 247 2,118 5,388 320 113 125.6 July 274 551 243 2,015 5,268 307 113 127.0 August 274 559 213 1,803 5,221 293 110 128.8 September 274 605 180 1,902 5,181 288 103 130.5 October 274 569 178 1,995 5,149 206 98 131.7 November 274 575 191 1,979 5,099 252 90 132.2 December 274 584 389 2,588 4,984 331 129.9 1923, end of— January 274 520 321 1,800 4,888 214 93 129.» February 274 538 270 1,455 4,903 175 96 129.0 March 274 587 265 1,768 4,833 222 103 129.5 April 273 557 245 1,633 4,751 218 105 130.0 May 273 539 238 1,612 4,745 208 101 131.3 June 273 5S6 183 1,695 4,738 198 9S 131.7

• End of December figures. CANADA. [Amounts in millions of dollars.]

Chartered banks. Gold reserve Dominion Bank Gold Current Money at Public and Individual agaiust note cir- clearing*.' coin and loans and call and railway Note cir- deposits—• Dominion culation. bullion.' discounts. short securities culation. demand notes. notice. and time.

Average of end of mouth figures: 1921 72 1,403 282 339 195 2.125 85 272 1,454 1922 75 1,272 280 332 166 2 009 90 240 1,353 1922, end of— 70 1,266 274 319 166 2,053 85 233 1.328 July 70 1,248 272 323 152 2,018 87 231 1.278 70 1,248 277 331 158 1,979 89 229 1.172 71 1,250 279 322 177 1,985 91 235 1.253 October 87 1,276 301 310 179 2.020 93 240 1.497 November 92 1,255 303 317 170 2,036 96 261 1.619 93 1,230 284 341 176 2,061 129 257 1,559 1923, end of— 75 1,197 281 356 153 1,963 132 241 1,607 72 1,206 270 377 157 1,997 133 247 1,067 March . . 68 1,220 292 385 173 2,008 126 243 1,199 68 1,251 305 403 166 2,084 126 239 1,168 May 68 1,236 309 397 157 2,067 126 244 1,514 87 1,222 316 175 2,081 1,465

1 Includes gold In central gold reserve but not gold held abroad. 1 Total for month.

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ARGENTINA. (Amounts in millions of pesos.]

Banco de la Nacion. Commercial banks.' Caja de Conversion. Clearings in Cash. Dis- Cash. Dis- Buenos counts Total counts Total Gold Note cir- Aires and deposits and deposits culation (paper). advances (paper). advances (paper). reserve. (paper). Gold. Paper. (paper). Gold. Paper. (paper).

End of— 1913 180 478 541 435 1,541 1,464 263 823 1,471 1919 268 676 1,250 771 2,113 3,010 »399 1,177 2,805 1920 406 804 1,412 1,081 2,505 3 530 470 1,363 3,612 1921 410 1,310 1,087 2,543 3,375 470 1,363 3,483 1822, end of— May 906 1,294 1,016 2,461 3,278 470 1,363 3,016 June 395 933 1,329 1,060 2,461 3,326 470 1,363 2 716 July 399 920 1,322 1,013 2,473 3,308 470 1,363 2,814 August 407 946 1 353 1,041 2,491 3,356 470 1,363 2,570 September 402 950 1,346 1,048 2,514 3,379 470 1,363 2,725 October... 405 921 1,328 1,028 2,549 3,354 470 1,363 2,827 November 396 934 1,345 1,053 2,557 3,394 470 1,363 2,827 December. 340 1,036 1,389 1,025 2,664 3,456 470 1,363 2,954 1923, end of— January... 992 1.369 1,015 2,651 3,451 470 1,363 3,415 February. 989 1,366 993 2.667 3,464 470 1,363 2,897 March 362 1,003 1,379 1,000 2,666 3,467 470 1,363 3,017 April 357 992 1,358 992 2,693 3,461 470 1,363 May 354 1,332 975 2,676 3,468 470 1,363

1 Includes Banco de la Nacion. • Figures for 1919 include 79,000,000 pesos, and for succeeding years 4,000,000 pesos, held in foreign legations.

JAPAN. [Amounts in millions of yea.]

Bank of Japan. Tokyo banks.

Gov- Capital Specie Loans Ad- Note ern- Pri- Aver- issues re- and vances cir- ment vate Cash Total Total Total In serve dis- on cula- depos- depos- on loans. depos- clear- dis- Japan. for 1 counts. foreign tion. its in its in hand its. ings. count notes. bills. Japan. Japan. rate.

Average of end of month figures: 1913 216 47 33 363 333 364 8.38 32 1921 1,200 107 39 1,226 297 ,932 •I, 572 9.00 186 1922 1,172 94 1,291 409 129 ,9H1 1,789 2,834 9.31 124 1922, end of— July 1,220 133 82 1,224 427 127 ,971 1,802 2,700 9.38 101 August 1,132 241 90 1,280 488 115 ,92S 1,783 2,582 9.42 93 September 1,069 134 115 1,237 382 145 ,921 1,822 2,750 9.38 150 October 1,068 160 142 1,236 437 126 ,926 1,812 2,697 9.38 98 November 1,086 183 141 1,241 445 126 ,929 1,828 2,971 9.45 100 December 1,064 375 205 1,590 333 2,011 1,869 3,329 9.34 56 1923, end of— January 1,062 180 159 1,308 380 113 2,002 1,860 2,246 187 February l,0«0 157 140 1,261 396 117 2,051 1,'fM 2,592 131 March 1,057 241 109 1.238 463 190 2,256 2,143 114 April 1,056 279 105 1,236 501 142 1,999 1,851 3,077 May 1,053 236 77 1,225 452 121 1,984 1,854 3,518 June 1,053 311 52 1,371 371 133 2,024 1,850 3,486 July 1,053 244 46 1,278 361

Includes gold credits abroad, gold coin and bullion in Japan.

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Page. Page. Acceptances: Fruit, crop conditions and shipments 881,941 Held by Federal reserve banks 956 Germany: Purchased by Federal reserve banks 955 Cost of living and food prices 926 Agricultural credits under the Federal reserve act 871,910 Financial statistics 978 Agricultural movements, index of 935 Foreign trade 931 Agriculture 880 Index of industrial activity 929 Argentina: Wholesale prices 923,925 Foreign trade 932 Gold imports and exports 890,971 Financial statistics 980 Gold settlement fund transactions 972 Recent economic developments 916 Grain, crop condition and marketing 880,937 Australia: India: Retail food prices 926 Cost of living and^fqod prices 926 Wholesale prices , 923 Foreign trade :..":.'...~—.*. 931 Austria, cost of living and retail food prices in 926 Wholesale prices .....;...... *.».,_S23.925 Automobiles 886,948 Iron and steel '885,943'' Bank failures in Norway, Denmark, and Czechoslovakia 916 Italy: Banking situation, discussion of 874 Cost of living and food prices 926 Belgium: Financial statistics 978 Cost of living and food prices 926 Foreign trade 931 Wholesale prices 923 Wholesale prices 923,925 Brazil: Japan: Foreign trade of 931 Financial statistics 980 Recent economic developments 916 Foreign trade 931 Building industry 887,950 Index of industrial activity 928 Bulgaria, wholesale prices in 923 Wholesale prices 922,923 Business and financial conditions: Leather industry 886,946 Abroad 914,977 Live-stock industry 882,938 Bank failures in Norway, Denmark, and Czechoslovakia. 916 Lumber 887,947 Trend of, statistical summary 915 Mail-order houses, trade of 853 United States 878-890 Manufacturing: Canada: Condition, by industries 884 Cost of living and food prices 926 Index of production 936 Financial statistics 979 Mineral products, index of 936 Foreign trade 931 Money in circulation 970 Index of industrial activity 928 Netherlands: Wholesale prices 922,923,925 Cost of living and food prices 926 Chain-store statistics 953 Foreign trade 931 Charters issued to national banks 913 Wholesale prices 923 Check clearing and collection: New Zealand: , Gold-settlement fund 972 Cast of living and food prices 926 Number of banks on par list 909 Wholesale prices 923 Operations of system during July 969 Nonmember banks, rediscounting by, ruling on 891 Postponement of date on which Regulation J goes into effect. 877 Norway: Chile, recent economic developments in 916 Bank failures 916 China, wholesale prices in 923 Cost of living and food prices 926 Coal 882 Wholesale prices 923,925 Commercial failures 890 Ocean freight rates 933 Condition statements: Par list, number of banks on 969 Federal reserve banks 958 Petroleum industry 883 Member banks in leading cities 962 Physical volume of trade 935-949 Cost of living, principal countries 926 Poland: Cotton, raw 881,944 Cost of living 926 Cotton manufacturing 944 Wholesale prices 923 Credit conditions abroad 914 Prices. (See Retail prices; Wholesale prices.) Credit facilities of Federal reserve banks 871,910 Production, index of 878,935 Czechoslovakia: Railway statistics 948 Bankfailures 920 Rediscounts for nonmember banks, ruling on 891 Retail food prices 926 Regulations of the Federal Reserve Board, 1923 892-910 Wholesale prices 923,925 Postponement of date on which Regulation J goes into effect.. 877 Debits to individual account 965 Reserve ratio of the Federal reserve banks 958 Denmark: Retail food prices in principal countries 926 Bankfailures 919 Retail trade 888,951,953 Foreign trade 931 Rulings of the Federal Reserve Board: Wholesale prices 923,925 Rediscounts for member banks 891 Department-store business 953 Right of a national bank to make construction bond and mort- Deposits of all member banks 970 gage loans 891 Deposits, savings, of commercial banks 934 Shoe industry 886,946 Discount and open-market operations of Federal reserve banks.. 954-957 Silver imports and exports 890,971 Discount rates 972,973 South Africa: Dutch East Indies, wholesale prices in 923 Retail food prices 926 Earnings and expenses of Federal reserve banks 974 Wholesale prices 923 Egypt, wholesale prices in 923 South America, economic conditions in 916 Employment, United States 889 Spain: England: Retail food prices 926 Cost of living and food prices 926 Wholesale prices 923 Financial statistics 977 State banks admitted to system 934 Foreign trade 930 Sweden: Index of industrial activity 927 Financial statistics 979 Wholesale prices 922,923,925 Foreign trade 931 Federal reserve note account 961 Index of industrial activity 929 Fiduciary powers granted to national banks 934 Retail food prices 926 Finland, cost of living in 926 Wholesale prices 923,-925 Foreign exchange 890,976 Switzerland: Foreign trade: Cost of living and food prices 926- Principal foreign countries 930-932 Wholesale prices 923,925 United States 932 Textile industry 884,944 Index of 933 Tobacco industry 881,940 France: Transportation 888,949 Cost of living and food prices 926 Wholesale prices: Financial statistics 977 Abroad 921-925 Foreign trade 930 In the United States 889,921-925 Index of industrial activity 927 Wholesale trade, condition of 888,951 Wholesale prices 922,923,925

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MINNEAPOLIS^ S.DAK. I

•—"BOUNDARIES OF FEDERAL RESERVE-DISTRICTS ——-BOUNDARICS OF FEDERAL RESERVE BRANCH TERRITOWES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY

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